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V.4.2 Succession Planning Resources

Action

Be a resource for your businesses on succession planning so they can learn about, plan for and successfully navigate business transitions if the owner can no longer maintain the business.

Why

Business owners are often so engaged with the day to day operations of running the business that it’s hard to take the time to consider succession planning, unexpected illness, retirement. Still, having a plan in place for the future will help protect one the business owner’s (and often their family’s) most financially valuable asset. A succession plan evaluates the value of the business and prioritizes mentorship for possible successors. Succession planning helps to avoid a forced sale of the business and Main Street vacancies.

How
  • Host a workshop offering resources for business owners to create continuity plans.
  • Include what financial resources would be available to help the business(es) with continuity.

Main Street Management Assessment Rubric

Scoring Standards

For example: retirement, death, new owner.

4
  • Relationships with property owners and business owners are strong to know when a transition is happening.
  • Resources are made available to help through transition.
  • District coordinator is available to provide limited guidance through transition.
  • A plan is in place to address vacancy through business transition.
3
  • Relationships with property owners and business owners are strong to know when a transition is happening.
  • Resources are made available to help through transition.
2
  • District coordinator reactively knows when a transition is happening.
1
  • District coordinator learns of transition after the fact.

Connecticut Main Street Center

P.O. Box 270
Hartford, CT 06141
860.280.2337

© Connecticut Main Street Center 
P.O. Box 270, Hartford, CT 06141 | 860.280.2337