2021 Press Releases

Regional Chamber Foundation Announces New Program for Family-Owned Businesses

Jun 01, 2021
The Regional Chamber Foundation and private equity firm Scaleco are pleased to announce a new program to aid family-owned businesses in the Valley.

The Regional Chamber Foundation and private equity firm Scaleco are pleased to announce a new program to aid family-owned businesses in the Valley. 

In coordination with Huntington Bank and HBK CPAs and Consultants, the Family-Owned Business Program that includes quarterly chats and will culminate with a recognition dinner will launch in June. The program is designed to help family businesses of all sizes and industries with succession planning, including maximizing value, understanding tax implications and a myriad of other aspects during the transition of a business. 

“Every business goes through a transition. ScaleCo is focused on growing businesses and is thrilled to partner with the Chamber in supporting family-owned businesses,” said Scaleco Vice President Wiley Runnestrand. “Helping Valley businesses transition on their terms with full knowledge of the options is a fundamental part of ScaleCo’s mission.” 

Keeping local businesses local after transition is another focus, according to Regional Chamber President & CEO Guy Coviello. 

“One of the biggest drains on the local economy is the loss of our family-owned businesses,” Coviello said. “The Chamber, Scaleco, Huntington and HBK all have a vested interest in protecting the Valley’s future, so one area of focus is keeping locally owned businesses here after transition in ownership.” 

The quarterly chats begin June 24th at HBK’s corporate office in Canfield with “Succession Planning: Begin Thinking About the Sale.” While the in-person chat and cocktail reception to follow will be by invitation only, there will also be a livestreamed option for the presentation for others who would like to participate. 

“Successful transition can result in productive careers for the next generation and a charitable legacy in the community. Given the stakes, planning should begin several years in advance of an owner’s departure,” says Huntington’s Regional President William Shivers. “The reputation of their business, the goodwill they’ve grown, their workforce and their families depend on the company’s long-term viability and succession. Our job is to help Valley businesses prepare for their future and plan for the unexpected." 

HBK Client Engagement Director Carl Greenaway agrees. “It’s never too early to start planning,” Greenaway said. “As a national accounting firm headquartered in the Valley, we want to assist our local business owners in any way we can. The Valley is our home, and we take great pride in its success.” 

Additional support for the program is being provided by Lordstown Energy Center and the DeBartolo Corp. 

Future topics include “Understanding the Value of Your Business: Getting the Best Sale Price” and “Succession Planning: Understanding Tax Changes.” Details about these programs and the recognition dinner will be forthcoming. Those who’d like more information should contact the Chamber’s Director of Economic Development Projects Shea MacMillan at 330-744-2131, ext. 1101, or shea@regionalchamber.com. 

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