University News
IIRA's Business Succession and Transition Planning Workshop Set for Oct. 21
September 16, 2014
MACOMB, IL – The Illinois Institute for Rural Affairs (IIRA) at Western Illinois University is hosting the workshop "Business Succession and Transition Planning" Tuesday, Oct. 21 in collaboration with the Canton Area Chamber of Commerce and Spoon River Partnership for Economic Development. The event will begin at 5:30 p.m. at the Donaldson Community Center, located at 250 South Avenue D, Canton, IL. The workshop is open free to businesses statewide (registration required), as well as to businesses in neighboring states.
According to Jolene Willis, associate manager of IIRA's Illinois Cooperative Development Center, the workshop will be conducted by Steve Barnhart, a technical specialist from the Illinois Manufacturing Excellence Center (IMEC). His presentation will address succession and transition-planning issues encountered by all types of family and closely held businesses, regardless of whether they are in the manufacturing sector. With more than 25 years of organizational development and operations leadership experience, Barnhart provides training and business improvement services to Illinois companies, drawing upon IMEC's state and national resources to help companies increase productivity and remain competitive.
"Business owners are encouraged to attend and learn more about the components of a company transition as it relates to business planning for the future," Willis explained.
Willis said experts will also be available to address questions about one particular option for business succession.
"We will highlight the option of forming a cooperative as a business succession strategy," she added. "In some situations, a cooperative is an effective way of mobilizing community members to support a transitional business' future."
According to Canton Area Chamber of Commerce Executive Director Amanda Atchley, the chamber and the Spoon River Partnership for Economic Development actively work towards providing resources and assistance for retaining and expanding existing businesses.
"We strive to implement professional development opportunities for our members that are designed to strengthen and grow current businesses within the community," Atchley said.
"Fostering downtown business growth and development is one of Canton Main Street's objectives," noted Cheryl Bielema, president of the Canton Main Street Executive Board. "Some of our downtown businesses have been operating for many years, and we want to promote any effort that will help to ensure those businesses can remain open."
Missy Towery, executive director of Spoon River Partnership for Economic Development, noted that sponsoring this workshop fits well with the organization's mission, which is "to serve as a catalyst for economic and community development by capitalizing on community partnerships, business development opportunities and implementation of programs and projects that foster growth and development."
The workshop is open free to the public, but registration is required. To make a reservation, contact Atchley or Towery by Friday, Oct. 17 at (309) 647-2677, or via email at aatchley@cantonillinois.org or mtowery@cantonillnois.org.
This workshop is sponsored by the Illinois Cooperative Development Center and MAPPING the Future of Your Community programs at the Illinois Institute for Rural Affairs at WIU, along with USDA Rural Development and the Illinois Department of Commerce and Economic Opportunity.
Learn more about the IIRA at www.IIRA.org.
Posted By: University Communications (U-Communications@wiu.edu)
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