Transitions: Strategies for business owners

Business owners can protect their business during times of transition by setting a succession and business exit plan in place.

That was a key takeaway from a panel discussion, “Transitions: Strategies for Business Owners,” sponsored by Prudential Financial and the Women Presidents Organization, an organization comprising women entrepreneurs and executives who head multimillion-dollar companies. The June 28 event, held at the Prudential Plaza in Chicago and streamed live, marked the second in a series of panel discussions produced by female business leaders for female business leaders.

Since 2005, Prudential has sponsored the organization and is its exclusive partner for financial wellness, life insurance and retirement strategies. There are 1,458 U.S. member companies in the Women Presidents Organization, averaging 97 employees each, with a combined annual revenue of $24 billion.

Panelists included moderator Camille Burns, CEO of Women Presidents Organization; Karen Hofmann, vice president, Advanced Marketing, Prudential Financial; AJ Goehle, CEO of Luci Creative; and Margo M. Jacquot, chief care officer and owner, The Juniper Center.

Panelists said it’s important to prepare for the unexpected by creating a documented succession and business exit plan, to ensure company resources and finances are intact in the event of a change of leadership or ownership. “The key words are advanced planning and documentation. It is important to have your plan legally binding if it is to be executed,” explained Hofmann.

“Planning and preparation is an ongoing, dynamic event and not a one-time activity,” she added. “Your financial professional and the rest of your professional team can help with this holistic review to help you prepare for whatever unique circumstance you may have.”

The next discussion in the series is planned for the fall of 2023; details will be announced on the Women Presidents Organization site.