Medway & Millis March 2021

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Page 14 Medway & Millis Local Town Pages www.localtownpages.com March 2021Succession Planning for Small-Business OwnersMost business owners want togrow their businesses and maybeeven pass them on to the nextgeneration. But how many ownersactually succeed? Relativelyfew, as it turns out. Studies showthat only a third of family firmsmake it to the second generation,and just a sliver get passed on tothe third generation.1 A key reasonfor this is that many companieslack proper succession plans.Consider the situation yourfamily, employees, and companywould be in if something unexpectedwere to happen to you.What would happen to yourbusiness? Would it stay in thefamily? Could it realistically staysolvent without you at the helm?Or would it be sold? And thenthere’s the million-dollar question:Do you even know whatyour business is worth? The answersto these questions maynot be as straightforward as youimagined.That’s why you should startplanning now even if you planto stay with the business for yearsto come. So, what options areavailable? If and when you exityour business, there are four possiblesuccessors: family members,co-owners, key employees, or anoutside third party.That brings us to a successionaction plan and exactly whatthat entails. First, select yoursuccessor(s); this may requirecareful analysis. Next, determineyour business valuation. Bear inmind that when a business is soldto family members the transactiondraws extra scrutiny fromthe IRS. Finally, develop a planto transfer your business interestquickly to minimize operationaldisruptions.Once you identify yoursuccessor(s), you must make sureLooking to advertise your business?Contact Jen: 508 570 6544 or Jenschofield@localtownpages.comthat the individual(s) is in a positionto take over the company—and you must ensure a smoothtransition by outlining the termsof succession in advance. A buysellagreement will work differently,depending on the type ofbusiness entity and the numberof owners. Each type of agreementhelps create a smooth processfor transferring ownershipof the business. The buyer canpurchase a life insurance policyto help make sure there areavailable funds to purchase thebusiness when the time comes.Additionally, a buy-sell agreementhelps show creditors andcustomers that your business issustainable because you are takingaction to mitigate risk.Each business is unique, ofcourse, but succession planningis something that all businessesshould consider.This educational third-party articleis provided as a courtesy by MichaelDamon, Agent, New York Life InsuranceCompany. To learn more aboutthe information or topics discussed,please contact Mike Damon at 508-321-2101.Millis considerspurchasing land onVillage StreetHearing to be held on March 1 regarding23 acres of agricultural landBy Theresa KnappYour Your Vision; Vision;Our Our Mission MissionMichael Michael T. Damon T. DamonFinancial Financial Adviser* Adviser*Damon Damon Financial, Financial, LLC** LLC**45 Milford 45 Milford Street, Street, Suite 3 Suite 3Medway, Medway, MA 02053 MA 02053(508) (508) 321-2101 321-2101Mike@DamonFinancial.comDamonFinancial.comMichael Michael is a Registered a Registered Representative Representativeoffering offering securities securities through through NYLIFE NYLIFESecurities Securities LLC (member LLC (member FINRA/SIPC), FINRA/SIPC), A Alicensed licensed Insurance Insurance Agency Agency & Agent, & New Agent, NewYork Life York Ins. Life Co. Ins. Co.*Financial *Financial Adviser Adviser offering offering investment investmentadvisoryadvisoryServicesServicesthroughthroughEagle StrategiesEagle StrategiesLLC, a RegisteredLLC, a RegisteredInvestmentInvestmentAdviser.Adviser.** Damon** DamonFinancial,Financial,LLC is notLLCownedis notorowned oroperatedoperatedby NYLIFEby NYLIFESecuritiesSecuritiesLLC or itsLLC or itsaffiliates.affiliates.Eagle Strategies LLC and NYLIFEEagle Strategies LLC and NYLIFESecurities LLC are New York LifeSecurities LLC are New York LifeCompanies.Companies.The Millis Select Board will hold a hearing on March 1 at 7:00p.m. to consider whether the town will exercise its right of first refusalto purchase land on the “Braun property” on Village Street.Millis: Chapter 61a land on Village Street, part of 23.13 acres the townhas the option to purchase. Credit: Theresa KnappThe land is listed on the tax roll as “Chapter 61a,” a special designationfor agricultural land wherein an owner pays a lower tax inexchange for allowing the town to purchase the land at a fair marketprice when the owner is ready to sell.According to the meeting notice, “the hearing will provide a forumfor discussion on the Notice of Intent to purchase a parcel of landconsisting of 23.13 acres located at Village Street.”The public is welcome to attend the virtual meeting.For more information, including the Zoom access link, visit www.millisma.govOur Ad & Editorial Deadline is the15th of each month,for the following month’s issue.
March 2021 Medway & Millis Local Town Pages www.localtownpages.com Page 15Medway Cultural Council Awards 14 Grants For 2021MEDWAY, MA - The MedwayCultural Council received19 grant applications for 2021and has awarded 15 grants for atotal of $9752.10. The followingartists and organizations comprisethe FY2021 grantees:• Elijah T. Grasshopper &Friends: An outdoor or virtualconcert for school-agechildren (Rob Zammarchi)• Stephano: The True Story ofShakespeare’s Shipwreck: Afascinating documentary filmwith Q&A about this storyvia the Medway Public Library(Andrew Buckley )• Duo Pianists, Composersand Educators: Whipple &Morales in Concert (KirkWhipple)• Animal Tales for SummerReading: A children’s programvia the Medway PublicLibrary (Diane Edgecomb)• Phoenix Rising: Claflin HillSymphony Orchestra Relaunch!(Bernadette Stockwell)• Southeastern MassachusettsBand Concert: Medway PublicLibrary• Jean-Francois Millet’s Dandelions:How to Pastel Paint(Gregory Maichack)• Chainsaws, Cheeseburgersand Rock N’ Roll - Live! (JesseGreen)• Watercolors with Trudi: Workshopat The Medway LibraryMakerspace (Diane Busa)• Paint n’ Sip for Teens: Workshopsat The Medway LibraryMakerspace (Diane Busa)• Park Pixie Project - Folk ArtClasses and Display (JudithMoffatt)• Keeping the Greater MilfordCommunity Chorus Aliveand Relevant during COVID-19 (Susan Serapine)• Music for Seniors: At the MedwaySenior Center (HowieNewman)• Community Farm (Public Art)Mural: Live painting at theMedway Community Farm(Mike Cannistraro)• Eleanor Roosevelt: A live/Zoom theater performanceand history lecture (CaroleCohen)Events will either be LIVEor presented on-line viaZOOM or WEBINAR”We are thrilled to be able tofund a variety of activities for allage groups in a wide range ofartistic fields, from a public artmural to painting workshops,musical concerts to folk art projects.We hope to have somethingfor everyone this year,” statedJennifer Kendall, Chairwomanof the Medway Cultural Council.“We are particularly gratefulthat the arts remain well-fundedthis year. Despite the challengespresented by the pandemic, thisyear will be chock-full of arts andculture programs.”The schedule of events will beposted by the Medway CulturalCouncil on its Facebook page(https://www.townofmedway.org/cultural-council), on othersocial media and disseminatedin local print media. Our goal isto provide our community witha wide range of cultural experiences,including art, music, performance,crafts, and traditionsfrom around the world. We supportand encourage local artistsand a shared sense of communitythrough cultural appreciation.The next grant round willbe in October 2021, for fiscalyear 2022.To learn more about theCouncil and its Arts and Mediacommittees and to support andcultivate the arts in Medwaythrough grants, program development,and educational opportunities,visit the town web pageat https://www.townofmedway.org/cultural-council and theMedway Artists Spotlight onFacebook (https://medwayartists.wordpress.com/).PLEASERECYCLETHIS PAPERANDPRESERVEOUR TREESLocalTownPages isexcited to announce thelaunch of our redesignedlocal community site!Get your latest community news,sports and town happeningsupdated every day!Check out the latest events andannouncements around town!Tap into our Local Service Guide givingyou hundreds of local business listings!Submit your own happenings aroundtown, or local events!**Submissions are published at the discretion of thepublisher and no advertising or self promotion will beaccepted as free listings.To Advertise your Business on this site,please email: jenschofield@localtownpages.com | 508-570-6544millismedwaynews.comLike us on Facebook for up to date happenings around town!
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