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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
  • Obtain samples of disaster, hazard or resiliency plans from other communities to use as a reference. 
  • Explore opportunities for technical assistance and partnership with your region’s Council of Governments’ Hazard Mitigation Plan, SustainableCT and Resilient Connecticut – CIRCA. 
  • Hold a workshop with Main Street stakeholders, emergency services, public safety, public health, economic development, and other municipal departments to discuss and draft the Disaster Plan.
  • Include topics such as mitigation, natural disaster, technology loss, pandemic, relocation options, resources and communication plan.
  • Include what financial resources would be available to help the business(es) with continuity.

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