Dan Collins, partner at Harter Secrest & Emery, participated in the Rochester Business Journal and The Daily Record virtual panel discussion on business succession planning on July 30. The panel focused on strategies for successful business transitions and emphasized the importance of early, thoughtful planning to maximize value and achieve owners’ long-term goals.
During the discussion, Collins highlighted the need for business owners to first define what a successful transition looks like before selecting a succession strategy. He noted that succession planning should align with an owner’s specific objectives, whether that means keeping the business in the family, transitioning ownership to employees, or pursuing a sale to a strategic buyer. Collins also encouraged business owners to involve and evaluate internal leadership throughout the process, observing that employees closest to day-to-day operations often provide valuable insight into a company’s strengths, opportunities, and challenges.