2A — November 8 - 21, 2013 — Mid Atlantic Real Estate Journal MAREJ a DvertIsers D IreCtory 1st Mariner Bank........................................ IBC-B Applied Bank .................................................... 1B Arcus Design Group.......................................... 4D Assett Preservation Inc. .................................. 2B Auctioneers Directory ....................................... 4A Bayshore Recycling ........................................... 5C Brasler ............................................................ 12D Brickstone Realty ............................................. 8D Bussell Realty Corp ...................................... IC-C Cambridge Construction Management.......... 15C CBRE .............................................................BC-C CIRC ............................................................... 16A Commercial Mortgage Capital ......................... 4B Conestoga Title Insurance Co ........................ 12B Cooper-Horowitz ........................................... IC-B CREW NJ .......................................................... 1C Cushman & Wakefield ................................... 11C Deerwood ........................................................... 9B Earth Engineering .......................................... 15D Entech ............................................................... 6C Feinberg Real Estate Advisors ........................ 5A Gebroe Hammer Associates.............................. 4C GFCIB................................................................ 6B GREP .............................................................. 13D Griffin Land ...................................................... 8D Hard Money Bankers...................................... 13B Harvey Hanna & Associates, Inc......... 12A & 15A Hawley .............................................................. 6D Heller Industrial Parks .................................. 10C Hinerfeld ......................................................... 11D Investors Real Estate Agency........................... 3A IREM ................................................................. 1A Kaplin Stewart .................................................. 2A Kearny Federal Savings .................................. 5B Keast & Hood ........................................ 3D & 15D Kislak................................................................. 3C Land Dimensions ........................................... 13C Lee & Associates ............................................. 12C Lenders Directory ................................... 14B-17B Lois Latarola .................................................. 13D M. Miller and Son ............................................. 3A Max Spann ........................................................ 4A Mericle Commercial ......................................BC-D Meridian Capital Group ...............................BC-B NAI Dileo-Bram &Co ........................................ 9C NAI Keystone ................................................... 6D NAI Summit ................................................... 13D NorthMarq......................................................... 8A PennCap ............................................................ 9D Poskanzer Skott Architects .............................. 6C Precis Engineering ........................................... 4D Provident Bank .............................................. IC-A Rational Contracting, Inc ................................ 2C Real Property Capital Inc................................. 8B Regal Bank ....................................................... 3B Remax .............................................................. 10A SEBCO............................................................... 2C Security Resources .......................................... 16C Sheldon Gross Realty........................................ 4C Singer Financial ............................................... 3B SmartStart ........................................................ 8C SNJ Appraisal Institute.......................... 18B-19B The Green Group ............................................. 7B Thompson Management, LLC ....................... 15C Tishman Speyer ............................................... 8D Tornetta Realty ................................................ 7D TriState .......................................................... 19A WCRE ................................................................ 5C White Realty Associates ................................ 13A
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Section Publisher ...........................................................Janine Hennessey Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ...................................................................Julie King Office Manager ................................................................... Joanne Gavaza Guest Columnists .............................................................. Glenn Ebersole, P.E. Mid Atlantic R eal e state J ouRnal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 25 Issue 21 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
By Glenn Ebersole, P.E. A Strategically Structured Outline for Business Succession Planning For Small & Family Owned Businesses
O
ne of the major chal- lenges and strategic business decisions that
small and family business owners face is: the develop- ment and implementation of a succession plan or exit strat- egy from the business. And that also includes informing employees if a succession plan or exit strategy exists in your company or organization. Let’s look at some numbers to place this challenge in perspective. By 2010, approximately $1.2 trillion in business assets are poised to change hands. For this very reason, faulty suc- cession planning could have a serious effect on productivity and bankruptcy rates, among other concerns. The situation is even more serious when you consider that, according to this study, 60% of entrepreneurs aged 55-64 haven’t yet started discussing their exit plans with their families or business part- ners. Among this group, only about 15% have firm plans to transfer or sell their business
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
to a family member. Forty per cent plan to sell their busi- nesses to outside interests. Looking at the numbers, there is a significant reality gap between plans and real- ity. For example, younger en- trepreneurs (under the age of 35) are much more optimistic about their chances of retir- ing before they turn 55. They also believe that they will be able to rely on the sale of their businesses for a healthy slice of their retirement income. Succession planning is a critical factor for the long-term success of any business and especially for small and family
continued on page 6A In my opinion, there are seven strategic actions needed to stra- tegically structure a succession planning process. Those seven strategic actions are: #1: Begin the succession plan- ning process early. #2: Clearly determine and owned businesses. Leadership transitions in business affect the entire organization’s con- tinuity, employee retention, client retention and returns on investment. It is essential to create and implement a process that creates visibility, account- ability and greater integration of all facets of the business.
Contact: Neil A. SteiN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 'ETTING YOU THROUGH THE MAZE OF REAL ESTATE LAW Strategy. Skill. Success.
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