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Preparing next gen leadership for transition

by John Howe

Advance preparation can be helpful in creating a smooth transition in ownership, particularly for manufacturers owned by Boomer founders seeking retirement.

“When company owners prepare for a sale or transfer of leadership, they must be able to clearly and effectively communicate with the next generation about how to best steer the organization through these choppy waters.”

This observation is in the July edition of Industry Week written by Jack Finning, a partner at AAFCPAs in Boston. His vantage point is from providing advisory to closely-held businesses.

Finning specializes in business transaction advisory services for both buyers and sellers of private companies, and no doubt has seen the good and the bad in both. 

“Transitions can be difficult, and the manufacturing industry is currently on the edge of an incredible wave of changes,” he comments in the article. “Understanding the cultural and organizational details is a critical part of ensuring that the company’s legacy will be secure in the hands of the new leaders.”

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