Specialty Fabrics Review February 2023 - 6

[ FIRST IMPRESSIONS ]
[ CALENDAR OF EVENTS ]
What's your succession plan?
A
smart business is always innovating, always looking for ways to
improve and always thinking about the future. And that often
means a future beyond the current owners.
Even if you're not planning on retiring anytime soon, it's
important to have a plan in place and to be thinking about what happens
if you or a business partner gets hit by the proverbial bus. In more than
20 years of working with and writing about small
businesses, I've lost count of how many I've seen
fail to execute a smooth succession.
A family transition is probably the most
Jonathan Sweet,
Director of Content &
Member Programs
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common transition-moving the business from
parents to a child or children. According to the
PwC 2021 Family Business Survey, only 34%
of family businesses say they have a robust,
documented succession plan in place.
When planning a family transition, several
items need to be considered, especially if there
are multiple children, including some who don't
work in the business. Sibling rivalry can rear its
ugly head. It's smart to integrate the succession
plan with an estate plan.
It's important to be impartial: Is a family
member the best person to run the business?
If a family member isn't the right solution, are
there key employees who might be interested?
Another employee option is an Employee
Stock Ownership Plan (ESOP), a program that
provides a company's employees with ownership
through stock ownership. (A recent episode of ATA's Talking Textiles
focused on ESOPs. You can find it at textiles.org/podcast.)
In all these cases, it's important to figure out if the owner will
completely exit the business immediately or over a longer period.
There are advantages to both and it may come down to personalities.
Is the departing owner willing or able to stay involved without being
in charge? Some owners find it easier to wash their hands of the
business and move on.
Finally, it's important to have an emergency plan in place that
addresses who will take over if the owner dies suddenly. Know who
will run the day-to-day operations and has the authority to make
financial decisions until the permanent succession plan can roll out.
February 2023
Geosynthetics Conference 2023
FEBRUARY 5-8 / Kansas City, Mo.
geosyntheticsconference.com
Canada Workshop
FEBRUARY 9 / LaSalle Canvas Inc., Lasalle, Que.
textiles.org/event/ata-canada-workshop
March 2023
Women in Textiles Summit 2023
MARCH 1-3 / Charleston, S.C.
textiles.org/women
April 2023
Smart Fabrics Summit 2023
APRIL 11-12 / North Carolina State Univ.
Raleigh, N.C.
smartfabricssummit.com
Outlook Conference 2023
APRIL 30-MAY 2 / The Westin Poinsett,
Greenville, S.C.
textiles.org/event/outlook-conference-2023
June 2023
ITMA 2023
JUNE 8-14 / Fiera Milano Rho exhibition
centre, Rho MI, Italy
textiles.org/event/itma-2023
November 2023
NOVEMBER 1-3, 2023
Orlando County Convention Center
advancedtextilesexpo.com
January 2024
Marine Fabricators
Conference 2024
JANUARY 25-27 / Tradewinds Island Grand
Resort, St. Pete Beach, Fla.
textiles.org/event/marine-fabricators-conference-2024
All calendar events are subject to change.
Please check event websites for the latest information.
6 SPECIALTY FABRICS REVIEW / February 2023

http://www.geosyntheticsconference.com http://www.textiles.org/event/ata-canada-workshop http://www.textiles.org/women http://www.smartfabricssummit.com http://www.textiles.org/event/outlook-conference-2023 http://www.SpecialtyFabricsReview.com http://www.textiles.org/event/itma-2023 http://www.textiles.org/podcast http://www.advancedtextilesexpo.com http://www.textiles.org/event/marine-fabricators-conference-2024

Specialty Fabrics Review February 2023

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