Magnolia Bank hosting free seminar on business succession plans Tuesday

Area business owners and executives are invited to attend Tuesday as Magnolia Bank hosts their Business Succession and Transition Seminar.

“We see a lot of businesses, whether you’re talking about just a mom and pop shop, a big business, a farm, any of the business aspects, getting that game plan set aside of what happens next,” said Magnolia Bank Vice President and Relationship Manager Dustin Hayes. “Are you going to pass this down to the next generation? Is your plan to build it to a certain point and sell it? We’re seeing a lot of the businesses recently that got to a point where they’re ready to transition, but they don’t have someone who is next in line to take over it, and then they might have a very valuable business based off of income, but sometimes you get into some of the businesses that don’t have that hard asset like real estate that it’s hard to actually sell because it’s harder to take a lien on.”

Hayes said as the bank reached out to businesses to speak at the seminar several said they did not have such a plan in place, which he said makes the topic an important one to discuss.

Magnolia Bank is partnering with Cerity Partners in Elizabethtown and Dean Durbin with Professional EOS Implementer in Louisville to host the seminar.

“The main topics they’re talking about are: why session planning is important for business owners, structuring the sale of a business, how to determine the value of a business, and the mechanics of the sale process and how you can create a market to increase that value that you’re looking to sell,” Hayes said.

The seminar will be held at Magnolia Bank’s Elizabethtown office Tuesday at 8:30 a.m. and all are welcome to attend this free event. While no registration is required, Magnolia Bank asks participants to RSVP with either Dustin Hayes (270-777-5348) or Amanda Heady (270-234-6097) sometime Monday.