LARGO, MD - Yesterday, over 30 Prince George's County business owners met at the PGCEDC's Innovation Station Accelerator to learn how to set up a solid exit strategy for their companies. Experts Bob Sammis and Peter De Angelo of the Business Transition Advisors shared tips and tools that will lead to a successful plan of succession. EDC President and Chief ‘Excitement’ Officer Jim Coleman was exuberant to host another seminar in a series geared towards supporting the small business community.
“We launched Innovation Station to give our small businesses everything they need to succeed,” said Coleman. “Most entrepreneurs start their businesses without viable a plan of succession and today, they were given the tools to secure their legacy. Creating generational wealth through an effective exit strategy is how our entrepreneurs will secure their legacy. I couldn’t be happier to have our friends from the Business Transition Advisors here to empower the County’s small business community.”
The EDC partnered with Business Transition Advisors to bring the concept of exit strategies to the forefront of the business planning process. Bob Sammis, Principal at Business Transition emphasized the importance of entrepreneurs thinking about their exit strategy from the company from day one of operations.
“It is vitally important to put together an exit plan,” said Sammis. “I’m a big believer in planning for the unexpected because it usually shows up. If that happens and there is no succession plan in place, that is a problem. That’s why we work with the owners of closely held businesses to determine what’s important, who’s important and how their plans of succession should be made.”
Yesterday’s seminar was the latest installment in a series facilitated by the EDC's Innovation Station Accelerator with the aim to empower the County's small business community and was sponsored by Joseph Greenwald & Laake, PA.
Learn about more business development seminars taking place at the PGCEDC’s Innovation Station by visiting www.pgcedc.com/events or follow the EDC on social media @PGCEDC.
Entrepreneurs learn how to start their businesses with an exit plan