Succession Planning

Description

The pallet industry is primarily made up of family-based businesses. This is a strength in terms of the longevity and legacy of the business and industry.

However, new situations arise and a family business leader may unexpectedly become incapacitated or pass away. Or the children may want to do something else for their career.

The business needs to have the ability to remain stable during such unpredictable times. To achieve a lasting business legacy, succession planning is key in a family business. Succession planning can help define:

• Who will work in the business
• What their role will be
• Where they will work
• When they can start
• How to plan and set up for future leadership
• How profits are distributed

 Succession planning is also useful for other important topics like taxes, liability, estate planning, and ownership stakes.

Join the Western Pallet Association as it hosts the next Master Learning Group where we discuss and share strategies for succession planning for a pallet business.

The Master Learning Group is exclusive to WPA members and there is no cost to attend. It requires commitment, confidentiality, and a willingness to participate. Members support each other with integrity, respect, and compassion. They act as catalysts for growth, devil's advocates, and supportive colleagues.