Bank, law firm hold business succession lunch for Copper Country business owners

HANCOCK, Mich. (WLUC) – A law firm and a bank collaborated Monday morning to hold a lunch & learn session on something they think is essential that business owners think about.

Both the Kendricks Bordeau. P.C. law firm and Range Bank aimed to teach Houghton and Hancock business owners about business succession and strategies.

“There is just good presence here in Hancock, between Range Bank and Kendricks Bordeau,” Kendricks Bordeau Attorney and Shareholder Laura Katers Reilly said. “We do know a lot of small business owners in this area, so it just seemed like the right place, the right time to bring together our firm and Range Bank and a lot of people we know in this area to think about this topic.

Reilly was joined by Range Bank Chief Trust & Wealth Management Officer Amanda Knaffla and Vice President Alex Roy. All three spoke on how early you should start planning, who to talk to when developing those plans, and, if successful, what to do with your funds and future. They also touched on pitfalls, including owners assuming their children will take over their business.

“I’ve been in many meetings at this point in my career where the parents have said, ‘Well, naturally our kids want this business.’ And I have to stop them and say, ‘Have you asked them?’” Reilly continued. “It’s very difficult for multiple family members to co-own a business, so if you have multiple children and you’re thinking they’re all going to happily co-own the business together, put the brakes on. Talk to them about what they really want and do not want and know that the plan might need to be more complicated than you thought.

Reilly says the two businesses may have more presentations like this in the future to inform more business owners.

“I do think so because I know as a lawyer, people come into my office and they say, ‘Well, time to succession plan’. They have not really thought about the first ten points I’m going to ask them about,” Reilly added. “The more I feel we get the word out on various topics in business, the better I feel that the folks up here will be more informed and better able to handle their business going forward.”

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