Small Business Succession Planning at the Center for Mediation RI
Who This Program is For:
Owners of Small Businesses in Rhode Island – defined as a company/firm with revenue under $10 million or under 50 employees – that are intending to either retire or sell their business within the next 5 years. Best fits for this program already have planned successors in place to purchase the business or desire to find a successor in the immediate future to continue business operations.
Periods of leadership and ownership transition are challenging for any business even under the best circumstances, and all transitions are times of conflict. The Center brings extensive experience in conflict reduction and resolution to the table, especially in conflicts centered around succession planning. Through this program, small business owners ensure continuity of their businesses into the future as they transition into retirement, reduced hours, or other work.
What the Program Covers:
- Multiple Initial Organizing and Strategy Sessions with Center Mediator
- 4-6 hours of strategy and planning sessions
- Maximum 2 hours per session
- Including the following:
- Initial Priority Setting with Current Ownership
- Mediated Discussions between Current Ownership and Intended Successors
- Meetings with All Staff or Key Employees to get Additional Stakeholder Input.
- 4-6 hours of strategy and planning sessions
- $2,500 in Financial Aid for Technical Assistance in Succession Planning
- Legal
- Accounting/Bookkeeping
- Wealth Planning and Banking
- Provided by volunteers from Centreville Bank
- Final planning sessions to construct succession plan and timeline
- 2-4 hours with Center Mediator
- A written plan for transition of assets with a timeline
- Clarity and understanding of positions, priorities, and concerns of all parties involved in the business transition
- Technical Assistance from experts in succession planning
- Send an email containing your Name, Business Name, and (500 word max) description of your current succession situation to:
- Matt Giebert, Strategy & Development Director for the Center for Mediation RI
- matt@cmcri.org
- Deadline for Application is February 28
- Limited number of program slots available
