[b]Succession Planning
04/07/2017 01:00pm to 04:00pm [/b][b]Inn of the Hawk, 74 S. Union Street, Lambertville, NJ 08530[/b]
Forbes Magazine describes Succession Planning as “the practice ofidentifying and developing in-house candidates for top executive positions”, and states that it “is the most important job of corporate” Leadership. “without a strong succession-planning program, companies are not prepared for unexpected departures nor to meet demands for additional leaders resulting from growth”. However, in a different article on a related topic, Forbes give us some very grim statistics. Although “family businesses generate over 50% of the US GNP, less than one third (33.3%) of those family businesses survive the transition for first to second generation” and half that again to the third generation.
[b][i]Our businesses are like our children to entrepreneurs, andno one want to think that the[/i][/b][b][i]business that we gave blood sweat and tears for, for allthose years, is just going to die a quick death once we turn over the reins.[/i][/b][b][i]This is why Succession planning is SO important![/i][/b][b][i]
[/i][/b][b]Tom Garrity [/b]is themanaging partner of Compass Point Consulting, LLC, which he started in 2003. He is a family business strategist specializing in growth and transition strategies. Services include organizational development, strategic planning, succession planning, exit planning, and family business governance. Tom began his career with a family business that grew from $20,000,000 to well north of $200,000,000 during his 11 year tenure, where he was responsible for building out the east coast distribution network, and then latter as a territory sales manager. He moved on to become the president and CEO of two different privately held manufacturing companies, and has core competencies in start-up, business development, executive management, finance, strategic planning, succession planning, government contracting, and family business governance.
[b]Business Description[/b]: Compass Point Consulting works with family businesses withrevenues between $5MM and $100MM. We help family business leadersbetteraccelerate growth, get everyone on the same page, develop and retaintalent to ensurethe legacy of the business, and prepare and execute ownershiptransition. Our servicesinclude organizational development, strategic planning, successionplanning, exit planning, and family business governance. Our clients are primarily in the industries of industrial manufacturing, food processing, construction, contracting, technology, and professional services.
[b][i]In this Meeting[/i][/b][i],Tom will share some guidance to all of us about this much needed topic. The time is now to prepare for the future, because Succession planning benefits the business now, and YOU CAN’T PLAN FOR DISASTER. Don’t be a statistic. [/i][i]Come meet withTom, have a great lunch, and great some impactful, timely information, that[/i][i]will help you assure your businesssurvives and thrives through all your generations. See You There![/i]