Family business workshop focuses on succession planning (Released: 5/13/96)
by Richard Veilleux, Office of University Communications.
STORRS, Conn. -- A day-long workshop to discuss strategies family business owners can use to plan an orderly succession will be offered by the University of Connecticut School of Business Administration's Family Business Program from 8:30 a.m.-4 p.m. May 23 at the Farmington Marriott.
Featuring Bonnie Brown, president of Transition Dynamics Inc. in Eugene, Ore., and the most popular speaker the Family Business Program has brought to Connecticut since its creation in 1995, will lead the discussion of how family businesses can and should plan a succession of leadership if the business is to be successful. Brown, formerly director of the Institute for Family Business at Baylor University in Texas and the Oregon State University Family Business Program, is co-author of the Succession Survival Kit: Preparing...Just in Case, and What's Next?, a checklist series that is used to assess the needs of a family business. She is an expert in family business planning and communications and relationship management.
During the seminar, Brown will help participants chart a course to effective succession planning and implementation. Working with family business owners attending the forum, she will help explore what each business needs to move toward the next phase of leadership and to determine a timetable for succession. She also will offer advice on how family firms can create a leadership development program and help participants prepare an action plan for an orderly succession.
"Succession is, without any doubt whatsoever, the single most important issue any family business faces, from the three or four person shop to the multi-million dollar enterprise," says Richard N. Dino, director of UConn's Family Business Program. "Establishing an effective leadership succession process is critical to the survival of family businesses, as they move through time and through the transition of ownership and management from one generation to the next. And it doesn't come easy -- successful succession requires planning, frank discussion with family members and managers, and strategies."
And, Dino says, as America nears the turn of the century, more and more family businesses are approaching the moment of truth -- a huge population of family businesses in Connecticut and the United States were born in the decade after World War II, and, consequently, the founders of those businesses have reached or are about to reach retirement age.
Registration for the program is free for members of UConn's Family Business Program. For prospective members, the workshop fee, including materials, lunch and beverage breaks, is $100. Additional family members may register for $60. Seating is limited. The deadline for registration is May 21. For more information or to register, call (860) 486-4483.