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In the past week alone, Mainebiz has published two stories about founders of well-known Maine companies stepping down and announcing successors to take their place. On May 6, Brenda Garrand, founder of Portland-based Garrand & Co., announced she is leaving the Portland-based marketing agency she started in 1989 in order to pursue other interests that include seeking a law degree. Kevin Moehlenkamp, who joined Garrand as chief creative officer in 2014, is the new CEO and partner of the firm, which is adding “Moehlenkamp” to the company name. And on May 3, we reported that Peter Maher, co-founder of Sevee & Maher Engineers, is stepping back from the role of president and is now its chief financial officer of the firm he founded in 1985 with fellow engineer John Sevee, who is now retired. Maher announced the promotions of Erik Clapp to president and Daniel Diffin to vice president. 

According to a 2018 nationwide survey of business owners by U.S. Trust, Bank of America Private Wealth Management, few have a comprehensive plan to secure the well-being of their company’s greatest asset — its employees — when they leave. The U.S. Trust survey found that although 51% of business owners plan to give up ownership interest or control of their business within the next five years, only 33% have a robust, formal transition plan that’s been communicated to their leadership team and employees.

 

Does your company have a formal succession plan in place?
Yes (42%, 21 VOTES)
No (42%, 21 VOTES)
Not sure (16%, 8 VOTES)
Poll Description

In the past week alone, Mainebiz has published two stories about founders of well-known Maine companies stepping down and announcing successors to take their place. On May 6, Brenda Garrand, founder of Portland-based Garrand & Co., announced she is leaving the Portland-based marketing agency she started in 1989 in order to pursue other interests that include seeking a law degree. Kevin Moehlenkamp, who joined Garrand as chief creative officer in 2014, is the new CEO and partner of the firm, which is adding “Moehlenkamp” to the company name. And on May 3, we reported that Peter Maher, co-founder of Sevee & Maher Engineers, is stepping back from the role of president and is now its chief financial officer of the firm he founded in 1985 with fellow engineer John Sevee, who is now retired. Maher announced the promotions of Erik Clapp to president and Daniel Diffin to vice president. 

According to a 2018 nationwide survey of business owners by U.S. Trust, Bank of America Private Wealth Management, few have a comprehensive plan to secure the well-being of their company’s greatest asset — its employees — when they leave. The U.S. Trust survey found that although 51% of business owners plan to give up ownership interest or control of their business within the next five years, only 33% have a robust, formal transition plan that’s been communicated to their leadership team and employees.

 

  • 50 Votes
  • 1 Comments
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1 Comments

  • May 9, 2019
    Our founder sold the business to the employees under an Employee Stock Ownership Plan (ESOP). It is a great way to retain staff, clients and maintain culture as well as being a nice mechanism for recruitment