Sunday, February 17, 2008

Business succession planning article

I read Key to business longevity: Keep it all in the family from The Indianapolis Star as providing an example of business succession planning - its successes and its need:

Bill Howe, a 75-year-old San Diego-based family-business counselor with SCORE, a nationwide business mentoring agency, said he started or created five businesses in specialties that range from plumbing to signs to water filtration that his children eventually took over.

"One of the things that happens with a business is the founder doesn't know when to get out of the way. They hang on and hang on and hang on. I don't have that problem," he said. "There's the pleasure of your kids taking it over."

Danner has no succession plans for Burford Printing. No heirs are interested.
"That's unfortunate . . . but I want the best for them," he said.