The Succession Planning Process

Succession planning is a process, not an event. It is recommended to begin the work of preparing for a succession a minimum of 3-5 years prior to actually listing a business for third-party sale, engaging in a transfer to family or employees, or any of the other exit planning strategies.

This presentation will address certain questions:

As an existing business owner, how do you start thinking about the process?

What are some of the options and how do you think through those options?

What are the things you need to consider in order to manage a successful transition?

Who should be on the team, and what are their roles?

How do you best prepare for working with the buyer of your business?

This is not a discussion about valuation. This is a discussion about process. Business owners should be able to walk away with a basic foundation of the process for the successful transition of a business.

Presenter(s)

Bob Griffin has been a resident of Upstate New York for over 25 years and has served as the Regional Director of the North Central Small Business Development Center at Onondaga Community College since March of 2022. The North Central SBDC team serves more than 1600 clients a year, supporting more than $20 million in capital infusion throughout the eight-county territory they serve. Bob previously served as a Certified Small Business Advisor at Binghamton University, where he worked with hundreds of new and aspiring entrepreneurs, assisting them with acquiring more than $31 million in capital and helping them create or save more than 1800 jobs. Bob is also a Certified Exit Planning Advisor, capable of assisting existing business owners navigate the challenges of creating sound strategies for small business succession plans. Before working with the SBDC, Bob accumulated more than 20 years of management experience in the hospitality and food services industry and was a leader in marketing strategy development and execution in markets throughout the Northeast and the mid-Atlantic. Bob is a graduate of Angelo State University with a Bachelor of Business Administration and is proud to serve as the COO of his son’s theatrical and media production company, Dream Corridor Productions.