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What happens to your business when you're gone? That depends on how you prepare
Richard Riva and Dustin Carl know first-hand the importance of succession planning for small businesses.
In 2006, the two men were managing York-based Wire-Mesh Products Inc. for John F. Enright III, its owner and their father-in-law. The company manufactures wire-weave conveyor belts for industrial uses.
Enright had developed a succession plan over the previous few years, but everyone involved thought it would be years before it would be fully implemented. He was in his mid-60s and appeared in fine health.
That December, however, he was diagnosed with brain cancer. He died the following February.
"God only knows what would have happened" had the plan not been in place, Riva said.
But it was, and the transition of ownership went smoothly, Riva and Carl said. Enright had designated the two of them to acquire the business. By the middle of May, Riva and Carl had acquired the firm's stock on terms set out in Enright's will. They are paying Enright's estate over a five-year period.
Business operations were unaffected, and the firm's 50 workers kept their jobs, Riva said.
"Every business owner should have an estate plan," said Vance Antonacci, an attorney with McNees, Wallace...