Meeting Recap: Business Checkup – Planning & Strategizing

On February 15, MBC members welcomed two knowledgeable speakers who offered thought-provoking presentations related to planning and strategizing for small businesses. They focused on helping attendees think strategically about solutions to help move their businesses forward and identify some productive actions to take.

Paul V. Kenney, Esq. of Kenney & Kenney, a longtime Medway Business Council member explained the importance of business succession planning. He reviewed business formations before describing key concerns in succession planning. Attorney Kenney sparked discussion on the topics of business valuation, estate planning and life insurance (cross purchase and entity purchase agreements). He concluded his presentation by outlining four succession planning strategies.

Ed Drozda, “The Small Business Doctor” of E & D Associates tackled the topic of, “Want a Successful Business? Stop Treating the Symptoms.” He related that it’s easy for owners to see the symptoms of what’s ailing their businesses; it’s harder for them to pinpoint the cause. Ed highlighted some impacts of a less than healthy business and identified trends to look for when determining the cause. He stressed that business owners need to be open to listening, observing, questioning and communicating. Ed invited attendees to share some challenges they face and consider possible causes. The group shared in brainstorming creative solutions to wrap up the meeting.


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