The VMA recently published the Virginia Industrial Innovation Strategy, an update to the Virginia Strategy for Growth and Manufacturing Renewal approved by the Board to help prioritize major public policies that the Congress and the Commonwealth should pursue in order to improve economic prosperity in the industrial segments of the economy.  This Strategy has been distributed to key officials in federal and state government and will serve as a guideline to focus future legislative efforts of the Association.
 
The Strategy will also be used by the Governor's Commission on Economic Development and Job Creation to help Governor McDonnell and the Virginia legislature develop innovative ideas to improve domestic manufacturing.  VMA President & CEO, Brett Vassey, who was appointed to the Governor's Commission, commented, "Providing a blue print for policy makers to consider when crafting real solutions to improving private sector industrial competitiveness, productivity and employment was essential.  We are confident that The Strategy will lead to reform and investments that are absolutely necessary for industrial growth in Virginia."

 

To access the complete strategy, please click here.   

 

These questions should be top of mind for every business owner. 

 

Business owners dedicate their life's work to building an enterprise which offers opportunity and reward to employees, customers and many others.  The owner himself typically has most of his net worth tied to the business, which may also define his identity in the community.  But despite years of diligent planning and careful management, most business owners fail to prepare for the greatest risk to their business - handing ownership and control over to others.  All too often, failure to plan for succession severely limits the founder's ability to realize his goals and enjoy the rewards of his hard work.  Fortunately, a carefully developed and well-implemented succession plan greatly enhances the ability of the founder to attain his goals.

 

Succession planning is a process of identifying key goals and designing strategies to achieve those goals when the founder leaves the business.  It is not a one-time exercise; instead it is an ongoing process involving a number of key players.  The goal is effective transition of ownership and control of the company, whether it be to the next generation in a family business, the management team in a management-led leveraged buy-out, or a sale to an unrelated strategic or financial buyer.

 

As the "baby boom" generation of business owners reaches retirement age, the need for succession planning has never been greater.  Yet many business owners find it difficult to start planning because it requires them to come to terms with difficult issues.  How long can I expect to remain in control of the business?  What will I do when I no longer run the business?  Who could possibly carry on my life's work?  It also requires skills and expertise which are foreign to many successful business owners, and it is human nature to avoid tough issues.  But with an understanding of the risks of succession and the process of planning for it, a business owner can position his company for a successful transition which will also serve his personal goals.  To read the complete article, click here.