BNMA Succession Planning for Small & Medium Manufacturers

Date: Thursday, March 22nd, 2018 Location: The Avant Building
Times: 5:00 PM - 7:00 PM Address: Bond, Schoeneck & Kinge
200 Delaware Ave, Suite 900
Buffalo, NY 14202

Event Details

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The BNMA is presenting an interactive panel discussion with local experts in business succession and transition planning. Participants will learn to develop and integrate a sound plan for their company’s future. Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.

The greatest transfer of wealth will occur over the next 10 years in the United States, 54% business owners plan on exiting their business within the next 10 years, and while most business owners agree that it is important to have a thorough exit strategy in place, 72% do not have a plan and aren't taking action. All business owners or leaders. Whether you plan on exiting in three years or 30 years, it’s important now. It’s not just about extracting maximum value from your business to provide for your future. Should an unforeseen event occur, lack of planning will cause unnecessary stress and potentially compromise your sale price, client relationships and the overall reputation of your business.

Panel discussion objectives:

Engage subject matter experts in law, accounting, finance and wealth management on the elements of an effective succession plan, including:

  •  How to prepare your business for transition
  •  How and when to transition out of your company
  •  How to identify and groom a successor
  •  How to prepare your business for sale
  •  How to protect your assets in case disability or death

Discuss the various steps that any family-owned or closely-held business owner should undertake to plan for their future, including:

  •  Key components of an exit strategy
  •  An effective succession plan
  •  Incorporating the family plan into the business plan
  •  When to consider outside management or other options for non-family management of the business
  •  The importance of estate and financial planning
  •  How to build your bench and increase your company’s value and stability

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