The Lake Champlain Regional Chamber of Commerce (LCRCC) and the VEOC will present a free introduction to business ownership succession planning on Tuesday, February 19 from noon to 3:00 PM in the LCRCC offices at 60 Main Street in Burlington.
The event will feature close looks at four different ways of selling a business: to an outsider, to family members, to managers and to the larger group of employees. While some technical details will be explored, the focus will be on stories about each path, told by owners who have successfully sold their businesses.
Panelists will include:
- Jim Foster who, with other members of his family, recently sold The Edlund Company to a strategic buyer;
- Dave Mount, founder of the Burlington office of Westaff, who recently transferred ownership to his son;
- John Wisener, President and founder of Reliance Steel, who has recently sold a portion of the company to a manager;
- Giles Willey, President of Vermont Systems, a company he and his father founded and sold to employees via an Employee Stock Ownership Plan (ESOP); and
- John P. Murphy, President of Atlantic Management Company, who will explain the mechanics of the most common ownership transition models.
Attendance is limited to business owners and key managers. There is no cost for this event and lunch will be provided. Attendees will receive a copy of “A Owner’s Guide to Business Succession Planning.”