What if? What happens if businesses in your community fail to transition… and how can you help them?

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What if? What happens if businesses in your community fail to transition… and how can you help them?

By Mark Dorman, August 20, 2024

Introduction

“What if?”

What if these businesses never successfully transition to a new operator or family member? What if they suddenly disappear and stop adding value to your community?

Meet the Experts: Bethany Dentler and Chuck Richards

This eBook offers solutions and practical advice and insight from two highly qualified individuals. Bethany Dentler, Executive Director of the Medina County Economic Development Corporation, and Chuck Richards founder of ValueCompass.

Chapter 1: Real Stories of Real Businesses

Private businesses in our own communities affect friends and families we know – and they can have lasting impact on our economy. Events occur, when the unexpected happens with no succession plan in place, that chan wreak havoc on family and community.

Chapter 2: Sobering Statistics

Surveys show that 80% of companies listed for sale don’t ever sell – and 70% of family businesses don’t transfer on to the kids. That should capture the attention of anyone in economic development or a local chamber of commerce.

Chapter 3: Start with the Basics

Learn a few simple practices that can save a company from sudden demise.

Chapter 4: Connect Business Owners with Experts

Partnering with economic development organizations and chambers of commerce strengthens existing businesses and leads to stronger local economies.

Chapter 5: Start the Conversation with Succession Plus

Let’s work together – to strengthen communities by making private businesses more valuable and transferable.

We make it easy to get started.

"Mark Dorman's book is a must-read for anyone invested in the economic vitality of their community. He shines a spotlight on privately owned businesses, which employ many people and contribute up to 50% of a community’s GDP. Dorman reveals a critical yet often overlooked threat: the lack of succession planning. Many community leaders are unaware that these businesses are at risk of disappearing, especially those owned by baby boomers, due to inadequate succession strategies. Dorman offers practical and valuable action steps to help preserve, protect, and grow these essential businesses. He emphasizes the importance of early succession planning, providing educational resources, facilitating networking opportunities, supporting financial preparedness, promoting legal and regulatory compliance, strengthening community ties, and addressing demographic trends. This book is an essential guide for community leaders and stakeholders to safeguard the jobs and economic contributions of privately owned businesses, ensuring their longevity and continued prosperity. - Mark Barbash President & CEO of Ohio Economic Development Association Director of the Ohio Economic Development Institute"

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Mark Dorman

President & Managing Director of Succession Plus US

CFBS, CEPA, AIF, ChFC

Mark Dorman is recognized as an industry leader for his work with small and mid-sized businesses. A Certified Exit Planner and Certified Family Business Specialist, he has counseled more than 100 privately held businesses.

In a career spanning 35+ years, Mark has purchased, founded, and exited businesses of his own. He published numerous e-books on exit planning and hosts the popular Finish Big podcast.

Mark was president of Legacy Business Advisors before establishing Succession Plus US.