Cambridge entrepreneurs looking to pass the torch without getting burned have a new resource, the City announced a program yesterday that aims to aid local business owners with succession planning, and registration is open now. According to the City of Cambridge's website, this initiative offers a series of workshops designed to guide entrepreneurs through the ins and outs of transferring their life's work whether it's to family members, employees, or outside buyers, ensuring the enterprise they built keeps humming along without them at the helm.
Workshops cover the A to Z of succession, from valuing the business to spotting the right successor, and those who go the whole hog, attending all four sessions, stand to gain additional resources for putting those plans into motion. The first workshop is set for May 8, with sessions following each Wednesday through May 30 at the cozy confines of Cambridge City Hall Annex, second floor, or from the comfort of one's home or office via Zoom.
It's not just about keeping the shop's doors open, proponents say this kind of forward-thinking effort helps secure jobs and maintains the unique community character businesses forge over time. Sarah Jane Huber of the City of Cambridge Economic Development Division underscores the importance, she told attendees, “Succession planning is getting your business ready to be sold or transferred to your family, an employee, or someone else, and planning ahead can help you find ways to make your business run smoothly, plan for what happens to your business after you leave understand how much your business is worth and how to prove it think about who in your network might take over the business.”
Interested parties can find more details and secure their slot online at the City of Cambridge website, or reach out directly to Sarah Jane Huber, who stands ready to field queries and help sort out which workshop, or workshops, might best fit each prospective planner's needs. The pilot program represents a beacon of hope for business owners navigating the often choppy waters of succession, aiming to ensure the enterprise they've poured sweat and soul into thrives into the next chapter.
