What's Happening?
In Hancock, Michigan, the Kendricks Bordeau law firm and Range Bank organized a 'lunch & learn' session aimed at educating local business owners on the importance of business succession planning. The event,
held on Monday morning, was designed to provide insights into effective strategies for business succession, emphasizing the need for early planning and clear communication with potential successors. Laura Katers Reilly, an attorney and shareholder at Kendricks Bordeau, along with Amanda Knaffla, Chief Trust & Wealth Management Officer, and Alex Roy, Vice President at Range Bank, led the session. They discussed common pitfalls, such as the assumption that children will automatically want to take over family businesses, and stressed the importance of having open discussions with family members to ensure a smooth transition. The session highlighted the complexities involved in co-owning a business among multiple family members and the necessity of having a well-thought-out plan.
Why It's Important?
Business succession planning is crucial for the sustainability and longevity of small businesses, particularly in regions like Copper Country where family-owned businesses are prevalent. By addressing common misconceptions and providing practical advice, the session aimed to equip business owners with the knowledge needed to secure their business's future. Effective succession planning can prevent potential conflicts among family members and ensure that businesses continue to thrive beyond the current generation. This initiative by Kendricks Bordeau and Range Bank underscores the importance of proactive planning in maintaining economic stability and growth within local communities. It also highlights the role of financial and legal institutions in supporting small business owners through educational outreach.
What's Next?
Following the success of this session, Kendricks Bordeau and Range Bank plan to host more educational events to further assist business owners in the region. These future sessions will likely cover a range of topics pertinent to business management and succession, aiming to foster a well-informed business community. By continuing these efforts, the organizers hope to encourage more business owners to engage in succession planning early, thereby reducing the risk of business disruptions and ensuring a seamless transition of ownership.
