According to the American Institute of Certified Public Accountants, failure to plan for ownership succession is the greatest threat to businesses with sales less than $3 million and the second greatest threat to closely-held larger businesses. Yet, while 80 percent of small businesses are family owned, only 21 percent have a written plan for succession. Should something happen to the owner, these companies may face serious financial and management crises. In an effort to avoid the instability these unexpected crises often cause and to help business owners explore all of the options available, Kent State University’s Ohio Employee Ownership Center (OEOC) is teaming up with the Greater Cleveland Partnership’s Council on Smaller Enterprises (COSE) to present the Cleveland Business Succession Planning Program.

"Too many otherwise healthy, small businesses don’t make it to the next generation due to incomplete or nonexistent succession planning," says Chris Cooper, the program’s coordinator. "In fact, proper succession planning is the single most cost-effective method to maintaining and growing businesses and jobs in our communities."

The program offers topic-specific sessions to help business owners learn about and begin planning for succession in a low-pressure environment. In this way, regional area businesses can plan for succession before crisis hits. Such advance planning ensures that the family is cared for, the business remains viable and heirs get a fair value for the business. Each session is taught by recognized local and national professionals in the field of succession planning.

Cost is $40 (COSE members $30) per seminar or all six for $150 (COSE members $120). Seminars are held at from 8 a.m. to 10 a.m. at Corporate College West, 25425 Center Ridge Road, Westlake, at the intersection of Columbia and Center Ridge Rd. Parking is free and refreshments are included.

Following is the spring 2007 schedule for Cleveland:

Tuesday, Feb. 20
"Business Succession Planning: Where It All Starts" with Neil Waxman, Capital Advisors
Tuesday, March 6
"Succession/Estate Planning Techniques" with Jim Aussem, Weston Hurd
Tuesday, March 20
"How Much Is My Company Worth? The ABC’s of Valuation" with Donald Zwilling, Barnes Wendling Valuation Services
Tuesday, April 3
"Mergers and Acquisitions in Your Succession Plan" with Andrew Chidester, Duff & Phelps, and "Government Financing Programs" with John Kropf, Growth Capital Corporation, Greater Cleveland Partnership
Tuesday, April 17
"The Uses of Insurance in Your Succession and Estate Plans" with Pete Chudyk, RSM McGladrey
Tuesday, May 1
"Internal Transactions: Management Buyouts and Employee Stock Ownership Plans (ESOPs)" with Carl Grassi, McDonald

For more information on the Ohio Employee Ownership Center and its programs, contact Chris Cooper at 330-672-0338 or ccooper1@kent.edu.