The transition to a new leader can be a chaotic time for small businesses, but by planning ahead, companies can continue to flourish.
An educational seminar April 12 hosted by the University of Houston-Victoria Small Business Development Center will explain how to prepare for succession.
Business Succession Planning – Ensuring Continued Business Success will be from 10 a.m. to noon at the SBDC, 3402 N. Ben Wilson St.
The seminar will be taught by Teri Moten, a UHV alumna and financial advocate with American General Life and Accident in Victoria. Moten specializes in business continuation planning and financial services for small business owners, tax-free retirement planning, and wealth accumulation for young professionals and executives.
Those attending the free seminar will learn about succession planning for businesses, especially sole proprietorships and partnerships. Topics addressed will include business estate planning, preparing for succession through management and next generation development, and how to address family-run business dynamics.
A succession plan can help an organization be prepared for planned or unplanned absences of the director. A plan clarifies authority and decision-making, thereby maintaining accountability and ensuring stability.
“Though sometimes it’s difficult to look ahead to a time when someone else may be running the company, it’s crucial to have a plan in place that will ensure your business will survive and your legacy will continue for years to come,” UHV SBDC Director Joe Humphreys said. “A change in executive leadership is inevitable for all organizations and can be a very challenging time. This seminar will prepare your company for when that day arrives.”
Moten graduated from Goliad High School in 1991 while growing up in a family-owned business, McMillan’s BBQ and Catering in Fannin. She graduated in 1994 from the University of Texas at Austin with a Bachelor of Business Administration in marketing, and she earned her Master of Business Administration in 1996 from UHV.
The UHV SBDC offers assistance on starting, growing and financing a business; contracting opportunities; and recovering from disaster. It also helps new businesses start and existing businesses expand through a combination of consulting and training in areas like market identification, raising capital and developing a business plan. Most of its services are free to area small business owners. The center has clients in Aransas, Bee, Calhoun, DeWitt, Gonzales, Goliad, Jackson, Karnes, Lavaca, Refugio and Victoria counties.
Seating for the business succession seminar is limited. To reserve a seat, call 877-895-7232 or 361-485-4485.