Transcript

• Session Spotlight: Succession Planning Basics for Family Bakeries
• Hi, I'm Marc Anderson from Linda's Bakery in West Salem, Wisconsin. After 50 years of business, we are 8 years into our 10 year succession plan.
• What topic or trend does this session cover, and why is it important?
• Your succession plan is probably the most important step that you can take to ensure that your bakery continues on for many generations to come. All successful entrepreneurs are good at what they do, but they're often bad at giving up control of their pride and joy, the family business. The thought of giving your children the reins to your bakery is so overwhelming that it simply is easier to do nothing than face the inevitable change. We'll cover some steps that you can take to make your transition smoother. Topics will focus on the owner, the successors, and preparing your business and your staff. By attending this IBE Educate program, you will have already taken the first step towards completing your plan. This session will help break the ice and get the conversation started for your succession journey.
• What will attendees learn from this session?
• I'll be discussing what we are doing to transition our family bakery from one generation to the next. We'll cover who needs to be involved from the owners and successors to the professionals that you will find helpful. Your staff will also play a vital role in the transition and should be included in your plan. I will review the steps that we have taken to prepare our business for that transition. Many of the processes and procedures that have worked in the past will likely have to evolve. You will need to develop your current processes into a written uniform plan of action that everyone in your organization can follow. We'll also talk about when you should start your plan. Timing is critical. The longer that your succession plan is in place, the better chance that your plan will be successful.