HOW TO DEVELOP A BUSINESS SUCCESSION PLAN

Whether you are talking about a business in the Northeast Kingdom or nationwide, the median age of small business owners is getting older. It is estimated that more than 50 percent of small business owners in the country are 50 and older, and that means that within the next decade, many of these individuals will be thinking about what they want to do with their business once they retire.

There are a number of options for business owners thinking of selling a business, including:

  • Transferring the company to children or relatives.
  • Selling the business to employees within the company.
  • Having a third party purchase the business.
  • Selling the company as part of a public offering or other exit strategy.

Planning is key when considering such a life change, and there are resources and professionals at the ready to assist you in this transition, including lawyers, tax accountants, appraisers, life insurance agents, bank trust officers and financial planners. All of these resources can be found in the Northeast Kingdom Chamber business directory.

Talking with these professionals will help you decide how you want to structure your exit from your business, but they will also provide you with some needed strategies on how to survive the succession of your company to a family member or to a new owner. These professionals are necessary so that the cycle of businesses going out of operation is broken, as only 35 percent of family businesses survive the first generation of ownership and only 20 percent make it to the third generation.

These skilled professionals will help you determine what are the strengths, weaknesses, opportunities and threats relative to your operation, so there are no surprises when you sell your business. These professionals will also assist you in developing projected revenues, earnings, expenses and net worth for your business going forward, not to mention a timetable or schedule for succession.

There are a number of online succession planning resources that can help you when the time comes to develop such an exit plan:

FOR MORE INFORMATION ON THE NORTHEAST KINGDOM:
Northeast Kingdom Chamber of Commerce
2000 Memorial Drive-Ste. 11
St. Johnsbury, VT 05819
802-748-3678, director@nekchamber.com

The Northeast Kingdom Online Business Resource Guide is meant as a resource for those seeking to start, expand, relocate or transition a business. Please contact the Northeast Kingdom Chamber for permission to use or distribute this content. A PDF format of this guide is available to businesses upon request. Thank you.

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featured events

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Comedian Bob Marley Show
Date: Saturday, June 8, 2024
Time: 7:30 pm - 9:00 pm
Comedy show featuring Bob Marley.
The Highland Center for Arts, 2875 Hardwick Street, Greensboro, VT
Elevate Mountain Bike Festival
Date: Friday, June 14 - Sunday, June 16
Time: 8:00 am - 8:00 pm
A 3-day mountain bike festival that brings together women and gender-expansive riders from all corners of the U.S. to ride, build community, and foster growth on and off the bike.
- Trail and downhill clinics with expert coaches to share the foundations, fine-tune your skills, or level up your riding!
- Group rides with knowledgable, caring locals to share the stoke of riding this incredible area.
- Off-bike clinics to speak about bike maintenance, nutrition on the bike, and much more.
- Social hours to mingle, connect with fellow riders, and share tales of the trail.
- Bike demos from some of your favorite brands so you can give the latest and greatest bikes you've been drooling over a go.
- Special speakers from all over the U.S. to share their experiences as women and gender-expansive cyclists.
Kingdom Trails, 478 VT-114, East Burke, VT
Knick It Summer Dance Camp
Date: Wednesday, June 19 - Friday, June 21
Time: 9:00 am - 12:00 pm
This dance camp will improve one’s knowledge, technique, and performance abilities. It will also promote unity team building and confidence, self-expression communication and skills in dance critique, respect for self and others, poise, problem-solving skills with creativity, and expand one’s horizons in the world of dance by pushing individual boundaries safely.
Lyndon Institute, 168 Institute Circle, Lyndon Center, VT
Make Music Day in St. Johnsbury
Date: Friday, June 21, 2024
Time: 5:00 pm - 8:00 pm
Call to Musicians and performers.  Make Music Vermont brings music makers of all ages and experience together on the first day of summer. A free celebration of music-making that takes place on the same day in more than 120 countries and 1,000 cities across the globe.
Anyone can take part in Make Music Vermont. All musicians are welcome, regardless of whether they are amateurs, professionals, students, or established artists. Make Music VT is open to artists of all ages, genres, and levels of ability. All day long, anyone lucky enough to be in Vermont can join in to make music or enjoy being surrounded by it. It’s the longest day of the year, the best to spend making music!
United Community Church, 1325 Main Street, St. Johnsbury, VT

Featured Businesses

St. Johnsbury Athenaeum & Art Gallery

St. Johnsbury, VT

A National Historic Landmark, built in 1871, the St. Johnsbury Athenaeum has served as a center of culture and learning for over 145 years. Open Monday-Saturday. Admission to art gallery is $5 for non-residents. Tours, lectures, exhibits, concerts..

Littleton Regional Healthcare & Littleton Urgent Care

Littleton, NH

As a not-for-profit community hospital, Littleton Regional Healthcare is dedicated to improving the health and quality of life of the individuals and communities we serve in Northern New Hampshire.

St. Johnsbury Sugarworks/Cary & Main

St. Johnsbury, VT

Inspired by the life & passion of George Cary, the "Maple King," & St. Johnsbury's place in maple sugaring lore, Cary & Main's hand-crafted & kosher maple products are designed to pay tribute to Mr. Cary. Every product is hand-crafted in Vermont.

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