Planning for Succession
Metalcasters willing to devote time to succession planning may find 2012 presents them with unique opportunities to accomplish their goals. GEORGE M. PEARCE AND MARIA METROPULOS, HOLLAND AND KNIGHT, CHICAGO.
profitability. Tey hold daily meet- ings on things like quality control, ISO certifications, supplier problems and equipment upgrades, because those issues are critical to continued success. Yet, another topic also critical to success receives little attention and, for many companies, is intentionally avoided. Many metalcasting facil- ity owners would rather endure an unannounced visit from OSHA than schedule and attend quarterly meet-
M
etalcasters are con- stantly devoting time to maintain their
ings devoted to the succession plan for their business, particularly when it is family-owned. Why does this topic create such
challenges for owners? Primar- ily because the succession planning process requires business owners to consider several issues: • Owners must decide their long- term goals for the business, i.e. selling or not.
• Owners must acknowledge and decide whether family members are capable of assuming various levels of responsibilities.
• Owners must decide on individual cash flow needs in the future. In the world of metalcasting, for-
mulas often are used to solve problems. Unfortunately, no “one formula” can be used in succession planning. Owners must consider many formulas, and each depends on the various factors and circumstances of the business. Succession planning depends on the structure of your business, your needs and your end goals, all of which must be considered early in order to imple- ment the most strategically efficient succession plan for your business.
June 2012 MODERN CASTING | 29
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60