EDTP – Advance Training Program - Succession Planning
March 19, 26, April 2 & 9
LAEDA in partnership with Wells Fargo is hosting the first session of EDTP – Advanced Training Program Modules – Small Business Succession Planning.
LAEDA recognizes the importance of wealth creation in the community. EDTP’s success has resulted in the establishment of hundreds of first generation entrepreneurs who are now approaching the difficult decisions of retirement and passing their businesses on to the next generation. These businesses include construction contractors, cleaning services, day care centers, hair salons, computer sales and services, clothing manufacturing, specialty retailers, office support services, etc. Many of these graduates are now ten to 15 years away from retirement. The challenge now is how to ensure the transfer of this wealth to the next generation.
Breaking the Cycle of Poverty – Creating Wealth
The struggle of asset building in low income communities has been well documented. With income levels at or below the poverty level families have been relegated to generation after generation of poverty.
Many strategies have been applied with varying success to break this cycle; pre-home ownership counseling for the purchase of a home; financial literacy training to obtain money management skills or individual development accounts to save for an education or home purchase. Each has shown its value in trying to break the cycle, but few have been shown to create wealth. Wealth defined as being the accumulation of assets that generate income to the owner. LAEDA believes that it is through this type of wealth that economically disadvantaged individuals will begin the path out of poverty for themselves and their families.
Not all entrepreneurs are successful, but for the few that are, the creation of a successful business has led to economic self sufficiency and the creation of an income generating asset. Transitioning between self sufficiency and wealth building is where the rubber meets the road. Does this asset endure and get passed to the next generation or does it die with the first generation? This transition has proven to be a very difficult challenge in disadvantaged communities. The EDTP - Advanced Training Program – Small Business Succession Planning module proposes to assist entrepreneurs in making this transition from business owner to wealth builder.
As the minority community has grown in economic prominence, the number of minority owned businesses have expanded. This expansion has taken place over the past 30 years resulting in family owned businesses with principals reaching retirement age. With the desire to retire front and center in their minds, these owners are faced with tough decisions on the future of their businesses and families.
Unfortunately, typical of small business owners, preparations have not been put in place to provide various options on their next steps. With this dynamic, the ability for business owners to effectively transfer or translate their business success into wealth to be past to the next generation is greatly hindered.
Do you sell to a third party? Do you sell to the next generation? Do you remain owner under a silent partner arrangement? These questions and more confront the minority small business owner. The Succession Planning Module discusses the wide range of issues faced by entrepreneurs as they consider retirement and beyond.
Pablo Bianchi is our dynamic instructor for this workshop series. He is a Certified Financial Planner with the Principals Financial Group. Mr. Bianchi has more than 19 years experience in financial and succession planning in the minority small business community. Mr. Bianchi is an active member and President of ALPFA (Association of Latino Professionals in Finance and Accounting), Philadelphia chapter.
Event Information
Date: To be Announced – 4 Successive Saturdays. 10am – 1PM
Location: To be Announced
Registration: Required
Tuition: $500 – 50% Scholarships available to qualified participants.*
Contact: LAEDA at 856-338-1177 856-338-1177 begin_of_the_skype_highlighti 856or info@laeda.com for more information