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Joy of Medina County Magazine | November 2021
BUSINESS: THE IN BOX
Protecting Your Business Legacy by Shannon Davis One of the top reasons small businesses fail is poor planning. In business, we think of planning for financing, emergency reserves, management, and even planning to pivot when events dictate. But what about after we pass? In our private lives, many of us have a will and life insurance for our families after we pass on, but what about the same consideration for our businesses? Our health, fortitude and humanity have been tested at an exorbitant level over the past couple of years. We are more aware than ever that we need to plan for the unplanned. What if a key player in the company leaves for a new opportunity or gets sick or dies? What if a partner dies and the estate demands a buyout? How will the company survive when those key players are critical to success? A succession plan is not just for big corporations. A small business owner may have the dream of creating a legacy by passing the business on to future generations, but do the kids want that? Succession planning is defined as a strategy for passing on leadership roles, ensuring that the business continues to run smoothly after a company’s most important people move on, retire or pass away. If the desire is for a business to continue when the key players are unable to actively fulfill the roles required, both a shortterm plan, in case of accident or illness, and a long-term plan, in
case of death or incapacitation, should be conveyed clearly in writing. Initial steps include thinking about the people and positions in the company and start brainstorming. � Identify key positions and areas. What roles are critical to be filled? What are the tasks those roles fulfill? � Identify interested employees and assess capabilities. Who are the current employees or family members who could and want to fill those roles? � Develop and implement succession and training. Groom those people to seamlessly take over when necessary. � Evaluate effectiveness. Is this plan viable? What are the obstacles? � Review the plan annually or when there is a change in circumstances. � Enlist the help of an attorney and a financial advisor to help formalize and implement the plan Plan to succeed.
Shannon Davis is a financial advisor, entrepreneur and resident of Medina County. She is an advocate for financial literacy and a How Money Works educator. She can be reached by calling 303916-3864 or by visiting https://howmoneyworks.com/ shannondavis
BUSINESS New hires, promotions, certifications earned, and announcements
Congratulations to Michael, Connor and Alison Dempsey! The family’s photo was published on Page 6 of the feature story on the Lamphear sunflower field in our September issue, https://bit.ly/3hRb3dt At the time the photo was taken on August 14, Alison was pregnant. Baby Nolan made his appearance August 17, 2021, only three days after visiting the sunflowers!
Hospice of the Western Reserve is looking for volunteers for making phone calls, providing respite care, as well as licensed hairdressers and an attorney and notary, as well as volunteers with retail experience to help at the hospice store, Life’s Treasures Thrift Shop, in Medina. Volunteer training is offered monthly. For more information, call 216-255-9090 or fill out an application at https://bit.ly/3nDfHzP The Children’s Center of Medina County has announced that the fundraiser Pathway to Healing Walkway campaign has been completed with 54 pavers engraved with donors’ names. The fundraiser paid off the center’s mortgage for its location at 724 E. Smith Road, Medina. Has your business or an employee done something that should get applause or does your nonprofit have an announcement? Email the information to Joy@BlakeHousePublishing.com and put “Applause” in the subject line.
Big brother Connor says, “Ahoy!” to new arrival Nolan Dempsey. photo by Alison Dempsey
