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NEWS STORIES

Business owners prepare to pass along ownership Submitted: 08/22/2013
Story By Shardaa Gray


Photos By Shardaa Gray

RHINELANDER - Every community in the Northwoods wants their small businesses to grow.

In order for them to grow sometimes the business owner needs their children to take over the business.

The Rhinelander Chamber of Commerce wants those business owners to be prepared when the time comes.

The chamber held a Lunch and Learn session for owners today.

The session informed business owners of options to sell or transfer ownership of the business when the time comes.

Business owner Steve Ory plans for his son to take over Enterprise Wood Products in Rhinelander.

"I think this is good for the community to have somebody come in and talk to small businesses that wants to pass it along to their children," said Ory.

"The more tax and legal information you can have the better."

Sometimes the child of the business owner might not want to take over.

That's why it's important to have a back up plan.

"Be prepared. When we talk about assembling an advisory team, we talk about attorneys, business brokers to help you sell that business and a financial advisor," Morgan Stanley Wealth Management financial advisor, Tyler Krombholz.

"All these people have to work in concert to help this transition happen."

The chamber plans to have another lunch and learn session next month.

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 IN OTHER NEWS
What We're Working OnSubmitted: 08/03/2015

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We'll have the details on these stories and more tonight on Newswatch 12 - news from where you live.

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CONOVER - The first stretch of the Conover-Phelps trail may be ready in the fall.

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ANTIGO - Excitement and joy filled faces in Antigo Monday afternoon.

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David and Theresa Ferrel have been renting for the last 10 years. This will be the first home they will own.

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MARATHON COUNTY - Warren Rydell doesn't mind the buzz or stingers.

"You don't need to be afraid of bees, you just have to love them for what they are," said Rydell.

Rydell has raised bees since the 1980s. Now with 35 colonies and thousands of bees in Marathon County, he's produced hundreds of pounds of honey just this year.

"We're having success with it," said Rydell, who's with the Marathon County Beekeepers Association. "A little at a time. You make mistakes, but it's getting better."

But here and across the country, bee populations have been on the decline for years. Bees are important pollinators for the environment, which is why the Wisconsin Department of Agriculture, Trade and Consumer Protection will meet next week to devise a pollinator protection plan.

"Whether people know it or not, for every three tablespoons of food you eat, two of those table spoons are produced by bees, and without them, we're not going to be able to feed people," said Rydell.

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WOODRUFF - More than 9,000 firefighters spent the day Monday in California battling wildfires.

20 more from Northern Wisconsin will join that group this week.

Firefighters, along with students from Blackwell Job Corps left for Oregon Monday.

Students at Blackwell Job Corps near Laona have been learning how to fight wildfires.

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