Worcester Business Journal

28 Worcester Business Journal | October 11, 2021 | wbjournal.com of the most trusted banks in the region. More recently, this past year was filled with numerous challenges caused by COVID-19. Along with the difficulties and heartbreak we shouldered together, we can reflect on stories of so many people who have inspired us: the hospital and frontline workers who never le the job; the teachers and school children who adapted to new schedules and ways of learning; and the families who chose to forego annual traditions in favor of keeping everyone safe and healthy. During this trying year, we stepped By Bree Simmers Bree Simmers, of Ashland, is the director of marketing & operations at ADA Practice Transitions, which supports dentists looking to buy or sell their practices. Buying or exiting a business can be an ex- citing and profitable venture, but it's essen- tial to do your due diligence. Whether you run a dental or medical practice, a small family-run company, or a large corporation, the general steps remain the same. 10) Get input from your family. Take some time to discuss your goals and dreams with your family. They can be an excellent sounding board. 9) Understand your financing options. Interest rates are historically low. In addition to easier access to financing, many banks are now willing to cover 100% of the pur- chase price plus some working capital to give new business owners cash flow for the first few months. 8) Make sure your finances are in order. Those looking to sell should make a point to gather accounting reports, bank statements, tax returns, and any other documents showing how the business is conducted. 7) Get a valuation. A professional apprais- er will estimate a fair market value. 6) Curb appeal matters, but it's not ev- erything. Just like selling a house, simple cosmetic maintenance like fresh paint will attract buyers. But beware: you need to look beyond the surface and evaluate a business's bones. A well-run business is far more desirable than a pretty one. 5) Think outside the city. Small-town businesses can provide the biggest op- portunities. With lower overhead and less competition, you can make a great living. 4) Make your staff part of the transition. Involve them in the process, then have the incoming owner lead a few team meetings with the entire staff so they can see your confidence in their work and leadership. 3) Mentor and train your replacement. If you are planning ahead for your retirement, find a young professional who is interested in eventual ownership. Then spend the next couple of years mentoring them on all aspects of the practice and business. 2) Plan for life after the sale. How will you handle the profits? Create a financial plan for once the sale is complete. Think about what you'll do with your free time. 1) Don't go at it alone. Take advantage of resources available to you. Organizations like ADA Practice Transitions exist in sever- al industries as guides to help. K N O W H O W What an anniversary means to us I nstitutional knowledge is something companies invest in, yet much of it gets lost, as it is kept in the brains of individual leaders or highly skilled team members who move to new jobs or retire. Some of this knowledge may stay intact in the form of company policies, but some may get muddled if new leadership introduces a different agenda not meshing with the earlier knowledge. A merger or reorganization also causes knowledge to disappear. Planning is paramount. A strategy must be mindful. Leaders who aren't paying attention risk atrophy of their company's knowledge base, says Ron Ashkenas at Harvard Business Review. He recommends identifying key things each team member should know. "Figure out how to turn this from an implicit assumption to an explicit expectation. You might for example, build the mastery of this core knowledge into the onboarding process … and have refresher sessions as part of your off sites or leadership meetings," he writes. Using technology to create an internal body of knowledge, like Intel's wiki called Intelpedia, is another recommendation. It wastes valuable time. James Davis at HR Daily Advisor says the average new hire spends almost 200 hours working inefficiently, "asking colleagues for information and waiting for responses, forging ahead by trial and error, 'reinventing the wheel' to duplicate the work of his or her predecessor," he writes. e results? Frustrated employees, delays in products getting to customers, and a hit to your company's bottom line. More skill means more is at stake. e level of turnover shouldn't be the focus as much as the level of knowledge of people leaving a company possess, says Workforce.com's Andrew Pena. "Organizations routinely sustain the loss of employees," he says, "but when those employees are highly skilled, possessing knowledge not readily replaceable, the organizations suffer." 1 0 T H I NG S I know about... Buying & selling a business BY SUSAN SHALHOUB Special to the Worcester Business Journal 101: K N O W L E D G E L O S T BY MARTIN F. CONNORS, JR. Special to the Worcester Business Journal M ilestones are causes for celebration. ey denote the passage of time and allow us to take stock of the achievements filling that space. If we have managed lives and resources effectively, we will reach those milestones with the benefit of having shared joy and good works for ourselves and the people who surround us. On the occasion of Rollstone's 175th Anniversary, we take the opportunity to look both backward and forward, to reflect on all we have done and plan a course for what we will contribute in our future. When we were founded in 1846, we were a pioneer community bank – the third mutual savings bank in Massachusetts and the first in Fitchburg. We served the mostly rural population of Central Massachusetts: farmers and local businesses, standing on the brink of industrialization. Today, we still have that pioneering spirit, combining new banking ideas with good old-fashioned personal service. By helping people manage their daily finances and achieve their larger life goals like buying a home, sending a child to college, or preparing for a rewarding retirement, we have built one Martin F. Connors, Jr., is president & CEO of Rollstone Bank & Trust of Fitchburg. up to provide new ways to protect our customers and employees. For customers and businesses under financial hardship related to the pandemic, RBT was able to assist by providing loan modifications, federal Payroll Protection Program loans, interest-rate reductions, and fee waivers. We have always played a leading role in our community during uncertain times, donating to worthy causes. In the last 18 months, we have contributed KN- 95 masks to healthcare workers, computers for distance learning, financial aid education programs for aspiring college students and their parents and more. In each case, we saw an opportunity to have a focused, positive impact on the lives of the people who live next door or who come into one of our branches. RBT's outreach is part of our DNA. We are called to help one another in bad times and in good. It's what makes us who we are. Fueled by our employees' passion to help their neighbors, we rededicate ourselves every day to this covenant of community. Now we chart a course for the next 175 years. As in any era, challenges and opportunities lie ahead. Regardless of the unknown challenges we may encounter, we know there will also be opportunities to help and reasons to celebrate. It's what being part of a community is all about. W W W

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