Loading
Search
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.

Text Size: + Increase | Decrease -
| Print Story | Email Story
Sponsored in part by HodagSports.com





 IN OTHER NEWS

Play Video

RHINELANDER - Rhinelander's softball coach approached the city to build a second softball field at Pioneer Park earlier this year. 

When the city approved the softball association's request to look into the possibility of another field, people on both sides of the argument spoke up. 

+ Read More

MADISON - A report from the Institute of Research on Poverty says the poverty rate in Wisconsin remained flat between 2013 and 2014 despite an increase in jobs.

Researchers for the study say the state's poverty rate held steady at around 10.8 percent between 2013 and 2014.

+ Read More

MADISON - Gov. Scott Walker is calling on his state Department of Transportation secretary to deliver a full two-year spending request earlier than usual.

Walker told Secretary Mark Gottlieb in a letter Monday that his budget request should not include any tax or fee increases and that bonding should be held to a "reasonable level." Walker also says that proposed spending on megaprojects in southeast Wisconsin should be minimized.

+ Read More

WASHINGTON - The Supreme Court has struck down Texas's widely replicated regulation of abortion clinics in the court's biggest abortion case in nearly a quarter century.

The justices voted 5-3 Monday in favor of Texas clinics that protested the regulations as a thinly veiled attempt to make it harder for women to get an abortion in the nation's second-most populous state.

+ Read More

LINCOLN COUNTY - The Lincoln County Sheriff's Office says an 82-year-old man died after slipping into the water near a Tomahawk-area dam Sunday.

The sheriff's office says Cecil Vogts fell into the water by Bradley Dam in the Township of Bradly.

+ Read More

Play Video

- When the Pixar film "Finding Nemo" came out 13 years ago, parents and children rushed to the pet store to buy clownfish. Nemo's sequel, "Finding Dory," which was released earlier this month, is now sparking a growing  interest of its own.

+ Read More

TOMAHAWK - A 31-year-old woman in Tomahawk will face drug charges after being arrested last week.

The Tomahawk Police Department said Monday it arrested Ashleigh Wright on Thursday after investigating the sale and distribution of meth.

+ Read More
+ More General News
Search: 




Click Here