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wife, Mary, then ran the business. Subsequently, her son Wayne Klein assumed responsibility for running the business. When Mary passed away in 2008, Wayne assumed ownership of the business. Another son was not active in the business. Mary had carefully structured a transition plan that would provide equally for her two sons, at the same time that she transitioned business ownership over to Wayne and his wife, Adele, who had been actively running the business for a number of years. Their daughter, Alison Klein Sherman, is also actively involved in the business. In 1978, Ann Gallen-Moll joined Gallen Insurance, the insurance business founded by her father, Joseph J. Gallen, back in 1957. In 1987, when she became President, there were five brothers and Gallen-Moll’s husband also working in the business. In the mid-’90s a decision was made to diversify, and brothers Jack and Chris Gallen now own GMG Bakery on Pricetown Road; Gallen-Moll’s husband, Don Moll, has B&G Glass, and another brother, Mark, owns LMN Janitorial. Brothers Joe and Dave Gallen, and Dave’s son, Ben, are currently active in the business. Many other examples come to mind: Scott Vaughn, son of Charlotte Cooper, is now running Standard Offset and the entire Standard Group organization. Julia Klein is the third generation leader of the C.H. Briggs organization which was founded by her maternal grandmother, then run by her father for a number of years. Scott Light purchased A to Z Vacuum from his father after working in the business his entire career. Kim Loudis shares responsibility for Barbey Electronics Corp., which was founded by her parents, with her sister. Meghan Helineck is currently being groomed to assume responsibility for M.J. Reider Associates when her mother, Barbara Coyle, a second-generation owner, retires. This high volume of business transitions is clear evidence that succession planning should be a high priority for every business – and especially for family businesses. The relationships and emotions involved in a family business, coupled with the fact that most people are not all that comfortable discussing topics such as aging, death and their financial affairs, can make succession planning a real challenge. In many cases, the ‘killer’ issue is either taxes or family
discord – both issues that a good succession plan will address. Don’t be part of the 70% of family-owned businesses that do not survive the transition from founder to the next generation. To ensure the word “success” is a part of your business succession planning, start now and get the professional advice and assistance you need to insure that you have a plan in place that will guide a smooth transition between you and the future owners of your business. Don’t know where to start? The Chamber’s Family Business Alliance (FBA) offers a wealth of resources, peer to peer groups, programs, workshops, and subject matter experts to get you on the right path and in front of others sharing the same challenges and opportunities! In addition, many of our regional accounting firms have departments devoted entirely to succession planning with skilled professionals who can answer all of your tax and financial planning questions. Regional law firms have attorneys who specialize in estate planning and the legal issues associated with business transition. And, many consulting professionals can assist you in addressing the interpersonal issues associated with developing a transition plan that is fair and equitable for all of your successors and they are experts at facilitating such dialogue. Taking no action guarantees chaos. Ensuring success requires action. Get on it!
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