World’s Best Connectors will host the Succession–Next Up? workshop for business owners on September 25 in Tempe, Arizona.
PHOENIX, AZ, USA, August 15, 2021 /EINPresswire.com/ — There are many factors, critical to business sustainability, that CEOs may have heard about while getting their MBAs in college, but have seldom thought about or discussed since. One of those is succession. COVID-19 impacts exposed the lack of education, planning, and successful implementation of succession among small, family- and minority-owned businesses. Studies and surveys in 2021 have backed up Vice President Kamala Harris’ recent stunning assertion that over 30% of US small businesses have closed during the pandemic. The World’s Best Connectors (WBC), a virtual community of C-suite executives headquartered in Arizona which provides consulting and training services, will host a workshop called “Succession: Next Up?” on September 25, 2021, in Tempe, Arizona. I will provide business leaders with what CEO Denise Meridith calls the Three R’s (i.e., resources, references, and referrals) to plan their succession more effectively.
Hospitality, food, and retail businesses, often relying on small staffs and profit margins, were especially impacted by, not only loss of customers, but literal deaths and illnesses of patriarchs and matriarchs who had all the knowledge and skills. Lack of insurance, savings and trained successors doomed many small businesses.
“There are lots of resources to help people start businesses,” says Meridith, “But less guidance and assistance to help them sustain those start-ups. We think effective succession management is invaluable to communities’ economic health.”
Attendees will hear from academic and business leaders, such as Jerry Colangelo (recently returning from a gold medal US Basketball win at the Olympics), Kiva Couchon (Arizona Office of Tourism), Congressman Greg Stanton, Vada Manager (a former Nike executive) and Chelsea Specht (Cornell University), about the importance of designing an enduring a legacy. There will also be consultants (e.g., Jonathan Mason, Ed Bailey, Alex Muir, Luis Cruz) providing practical and specific advice about how to get it done. Brian Wood (Looking Forward Consulting) and Charles Dickens IV (Champions Yoga) will be moderating the three-hour workshop.
Another aspect of succession that will be discussed is its disproportionately negative influence on people of color. Historically, African- and Latino-Americans have been given little or no financial assistance, have been bought out or burned down when they do succeed, and have generally been prohibited from building generational wealth. Meanwhile, corporations have not included people of color, LBGQT+, women or people with disabilities in their management succession ladders.
CEOs and business owners can register for the September 25 workshop at Mac6 Coworking Space on Eventbrite.com at htps://www.eventbrite.com/e/succession-next-up-tickets-166359284097. Seating is limited and any COVID-19 policies at the time will be enforced.
“All companies and organizations will need to develop effective and inclusive succession plans if the US economy is to recover and thrive in the future,” Meridith says. “It is about time we start publicly talking about it.”