Graduate Business School, Maine Chamber host succession planning webinar

The University of Maine Graduate School of Business and the Maine State Chamber of Commerce will host a free webinar about succession planning from 11 a.m.–noon, April 8. 

In Maine, baby boomers own 12,790 businesses that employ 108,000 people and many of these businesses will need to transition to new ownership in the coming years. Recent research from Wilmington Trust found that almost 50% of businesses owned by those 65 and older — which constitute 60% of all business owners — have no succession plan. 

Faye Gilbert, executive dean of the Maine Business School and interim dean of the Graduate School of Business, and Jason Harkins, associate dean of the Maine Business School, will lead the program, which is free and open to the public. Topics will include identifying types of exit strategies, putting a successful system in place for your successor, and building a support system. 

“Fortunately, there are a number of exit options available to those that are prepared which greatly increase the value of the firm,” Harkins says.” 

“Strong plans for exits may strengthen the economy of Maine, the wealth of the owners, and jobs for the workforce in our state,” Gilbert says.

“This is an important webinar for Maine business owners and leaders, emerging entrepreneurs, and anyone involved in business operations,” says Ben Gilman, General Counsel for the Maine State Chamber of Commerce. “Having a well-planned succession strategy is beneficial for any organization, its employees, and Maine’s economy.”

Preregistration is required. Visit the program webpage for more information and to register.