Succession Strategies Spotlighted at Small Business Solutions Hub

Last Friday, local entrepreneurs and small business leaders gathered at the Springfield Area Chamber of Commerce for the latest installment of the Small Business Solutions Hub—a quarterly program designed to deliver practical guidance on the most pressing issues facing small businesses.

This spring’s session, titled Succession Planning for Businesses, offered strategies and processes for planning the eventual transition of business ownership. Succession planning is one aspect of business ownership that can easily be overlooked, but it is essential for a business’ long-term sustainability.

The program began with a networking lunch sponsored by Patrick Bice, owner of NorthWest Business Sales And Certified Appraisals, LLC, followed by a welcome from Paige Walters, Senior Director of Advocacy & Economic Development at the Springfield Chamber. Walters opened the session with remarks on the value of foresight and the importance of navigating business transitions, before introducing the program’s featured speakers.

“75% of business owners would like to exit in 10 years; 69% list succession strategy as a priority … but only nine percent have a plan.”

– Roger Wong, Senior Research Advisor, Lane SBDC

The first presentation was delivered by Roger Wong, Senior Research Advisor with the Lane Small Business Development Center (SBDC). Wong brought an extensive background in business operations and data-driven advising to the discussion, highlighting the growing need for structured succession planning.

The three-legged stool
Wong outlined the “three-legged stool,” a three-pronged framework for effective succession, urging business owners to evaluate:

• Personal goals – understanding your life goals beyond your business.
• Financial readiness – addressing the wealth gap.
• Business value – planning for income replacement.

Wong reminded participants that Lane SBDC provides free, confidential advising, making it an invaluable starting point for owners at any stage of the succession journey. They begin their consultations by conducting a Transition Readiness Assessment, a questionnaire exploring valuation approaches that reflect both tangible assets and the operational strength of their business.

Wong then introduced the Value Acceleration Plan, another three-phase model: Discover – Prepare – Decide – designed to help owners build an actionable exit strategy.

“Getting help from professionals is essential; there are places you can go to make succession easier.”

– Sandy Trahan, President and CEO, Flywheel Inc.

Real world experience
Joining the conversation was Sandy Trahan, President and CEO of Flywheel Inc., who shared real-world perspectives drawn from over 35 years of experience guiding businesses through growth and transition.

Trahan emphasized the importance of building a trusted advisory team, including brokers, legal counsel, financial planners, accountants (tax and otherwise), and bankers, and underscored several common pitfalls, most notably:

• Make sure you understand the finances of your business.
• Always talk about your stake in a business sale BEFORE signing a letter of intent.

Trahan went through his impressive history of helping companies transition, whether selling them, helping them get their financials together, or building exit strategies. Among his variegated advice for small businesses:

• The most important thing you can do is hire a broker.
• Take the time to place the right people in the right positions.

Q&A session
The event concluded with a robust Q&A, touching on topics such as employee stock ownership plans (ESOPs), tax implications, and the day-to-day financial realities of preparing a business for sale.

The Chamber would like to thank their Small Business Solutions Hub title sponsor, Kaiser Permanente, as well as their investors, Ask Erik Computer Services, Chambers Construction, Eugene Area Radio Stations (EARS), Hershner Hunter, OCCU, and WaFd Bank. They would also like to thank the speakers, Roger Wong of the Lane SBDC, and Sandy Trahan, of Flywheel, Inc., for sharing their expertise, as well as all the attendees. Thank you to Patrick Bice for sponsoring the lunch portion of the event, with food from the deli at Safeway.

Please enjoy the video of the full program embedded below; also available on the Small Business Solutions Digital Hub under the Springfield Chamber Resource Library.

About Small Business Solutions Hub
The Small Business Solutions Hub is a digital resource designed to connect small business Chamber members to a network of local experts and partners, business advising services, and a library of Chamber education tools. The hub will evolve to meet local needs with quarterly business education programming, and information from local investor partners.