The Succession Planning Workshop: Lessons in Wealth Building, held on September 12, 2024, at Johnson C. Smith University’s Grimes Lounge, brought together small business owners and experts to address critical strategies for business continuity and leadership transition. The workshop was in response to the expected wealth transfer of $72-$84 trillion over the next 20 years as Generation X, millennials, and Gen Z anticipate receiving the largest wealth transfer in U.S. history from Baby Boomers.1 The event opened with remarks from Dr. Darlene Deberry of NCGrowth and Kimberly Edwards of U.S. Bank, who emphasized the importance of succession planning. The first session, led by U.S. Bank’s Wealth Management Team, explored how businesses can preserve and grow wealth through transitions, using financial planning tools. The segment was followed by a panel discussion on succession mechanics, where experts like Jon C. Norstog from U.S. Bank’s Farm Management Division and Attorney Christine Rice from the Land Loss Prevention Project provided valuable insights on legal frameworks and land ownership transfers. We also heard from Latasha Best-Gaddy of Infinity Bridge, who was there representing the NC Employee Ownership Center. She provided a range of options including Employee Stock Ownership Plans (ESOPs), Worker Cooperatives, and Employee Ownership Trusts (EOTs). In the third session, Cooper Biersach and Lauren Willets from the Kenan Institute’s Family Enterprise Center discussed leadership transition planning, focusing on identifying key aspects of organizational change. They emphasized that succession planning should start as early as possible and that leaving a legacy is an inclusive process incorporating the enterprise, the family, and the owner.
The workshop concluded with a networking session where participants could consult with expert advisors. Attendees benefited from the diverse knowledge shared by professionals from U.S. Bank, the Kenan Institute, and the North Carolina Employee Ownership Center. Special thanks to U.S. Bank and the Women’s Business Center of Charlotte for partnering with NCGrowth to make this workshop a success. Rachi Tyagi, NCGrowth Analyst, provided marketing and technical support that contributed greatly to the event’s successful outcome. We aimed to equip small businesses with tools and resources for securing their future, offering succession planning and wealth-building content to diverse ethnic and economic communities, a goal in alignment with NCGrowth’s mission and U.S. Bank’s Access Commitment.