Page 16 - November 2022 Issue.indd

Plan for had not been all done, and had Dad not passed on a little of
knowledge and insight to the next generation, the business
Succession would have been forced to close upon his passing. The
succession planning and implementation wasn’t perfect, and
By Debbie Bowden, Director, there were years where the business still struggled aft erwards,
but it did survive.
Caroline County Economic
Development and Tourism It’s tough when you are in the midst of serving customers and
taking care of employees and worrying about supply chain to
Small business owners (which accounts for 99% of all
think toward the future. But asking yourself the simple but
businesses) have a lot on their plate. Depending on the structure
tough questions can help put you on the right path toward
of leadership, the owner could be the one turning the wrenches
succession. What is my business worth... what are my real
or prepping the menu, or the owner could be managing the
property and other assets worth... who will lead the transition...
strategy for growth with a dedicated team of managers and
who will lead the next iteration... do I plan to sell or pass on
employees. Regardless of the size and scope of the businesses,
to family?
one thing that all small business owners should do, but rarely
have time to do, is plan for succession. As in every part of business, partnerships with subject matter
experts can help in answering those questions and making a
In talking about this, I’d like to share some of my own story.
plan. Talk with your accountant and banker, reach out to have

I came up in a family business. The owner was my father-in-
a conversation with a trusted realtor, and have a chat with
law, and he and his two sons (and me as one of the son’s wife),
operated a successful business for nearly 40 years. We began employees and family to gauge interest in becoming the next
the process of succession planning when Dad started to think generation owners. Experts suggest at least three years to get
about retirement. Those plans were made all the more urgent everything in order to make the leap to sell your business.

when he unexpectedly passed away. Making the transition to the next phase of ownership easy will

benefit you and your legacy.
Fortunately, there was enough structure in place for the next
generation to take over. However, if the succession planning For updates on any future business support, please visit
carolinebusiness.com, sign up for our newsletter, and follow
Caroline County Economic Development on Facebook.
R eady to Lose W eight? Caroline County Economic Development and Tourism is an
Ready to Lose Weight?
office within Caroline County government. Its mission is to help

Don’t Be a Turkey...Call today! businesses of all sizes thrive in the community. Debbie can be
reached at 410-479-4188 or info@carolinebusiness.com

Spaghetti Dinner

Affordable & Safe
Medically Supervised Thursday, Nov. 3 NO DINNER IN DEC. 4-7

(first Thursday of the month) PM
• Blood Pressure Checked • Weigh in on our body
• Vitamin B-12 Injection fat composition scale All you can eat spaghetti, salad, bread, drink.
• Diet Medication • Blood Analysis Adults $10. Take-out available. .
• Nutritional Guidance • Multi-Vitamins
Purse BINGO
Chester River
Friday, November 11
Weight Loss Center
1 mile south of Chester River Bridge
Chestertown, MD • 410-778-9215 $25 in advance, $30 at the door Doors open at 6 PM,
FOOD AVAILABLE games begin at 7 PM
www.crweightloss.com
Space available to sublease Hall Rental Visit our website for availability and info.

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