Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 26, 2023 29 Other Voices EXPERT'S CORNER Here's a plan to lower Hartford's energy costs, make city the 'clean energy capital' By Eric D. Coleman M any financial challenges face Hartford residents and business owners. One that clearly outpaces the others is the unstable, unpredictable and unfair rise of energy costs. Faced with some of the highest electric rates in the country, our city leaves residents choosing between paying for basic necessities and their electric bills. Businesses are left deciding whether or not the city is worth investing in. If elected mayor, I want to make Hartford a competitive place to work, live and operate a business. I reject the status quo of powerlessness for our city's businesses and residents. Here are some ideas to reduce the city's carbon footprint, create jobs and lower the cost of energy for residents and business owners: • Work with the federal and state governments, utility companies and the private sector to form an electric utility run by, and for, the benefit of the city and all its energy consumers. • Update and expand Hartford's energy improvement district plan to prioritize stabilization and the reduction of energy costs across the board. • Reduce the cost of energy for businesses and residents by seeking the maximum funding under the multibillion-dollar federal Inflation Reduction Act to weatherize, conserve and install alternative energy. • Leverage public money, such as federal and state grants, and tax credits to lure private sector entrepreneurship to increase investment in diversifying the city's energy sources while creating and retaining hundreds of jobs. • Create an inventory of underuti- lized, blighted and brownfield sites to be revitalized as alternative energy generation facilities like fuel cell parks. The towns of Bozrah, Groton, Jewett City, Norwich, Wallingford and Norwalk have already proved success by using alternative sources of energy. A 1-acre site could house a fuel cell power station that produces approximately 6 megawatts of power, enough to power up to 3,000 homes, or 1,500 typical businesses. And because fuel cells can be located inside or even underground, these facilities can be used to trans- form blighted and unused space into clean modern structures, or even into a beautiful public green space. This green energy renaissance would create and retain hundreds of jobs in Hartford and statewide. That includes jobs cleaning up and preparing sites for the installation of clean energy facilities; more jobs weatherizing and installing conservation and green energy equipment; and jobs that would be created by making Hartford a more competitive environment. A Connecticut-based technology, fuel cells operate 24 hours a day in any kind of weather and produce significantly greater quantities of energy in a very small space. A bene- ficial fuel cell byproduct is hot water, which can be used to provide heating and cooling in addition to electricity. Heating and cooling districts are identified as a goal in the energy improvement district plan and would further stabilize costs for end-users while decreasing the city's carbon footprint. How will this get funded? Effective Jan. 1, 2023, the federal government through the Inflation Reduction Act made billions of dollars available to local, state and regional governments. These funds are administered by several federal agencies in the form of grants and loans, and they join previously existing tax incentives providing enormous investment potential. The city must take advantage of the billions in federal cash and incentives to reduce carbon emis- sions and electricity costs, improve quality of life and put hundreds of local people to work. If we leverage partnerships with the private sector and put private capital, ideas and innovations to work for us, we will change the status quo. Hartford needs a strategy that makes the best use of these billions of dollars, and makes our city the clean energy capital. Eric D. Coleman is a retired Connecticut Superior Court Judge and former state representative and senator. He is a Democratic candidate for mayor of the city of Hartford. Eric D. Coleman Tips for creating a successful business succession plan By Robin Ann Bienemann C reating a family business succession plan requires careful consideration and thoughtful planning. Here are some best practices to keep in mind: Start early: Begin the succession plan- ning process well in advance to allow for a smooth transition and to address any potential challenges that may arise. Communicate openly: Foster open and honest communication among family members to under- stand their aspirations, expec- tations and long-term goals for the business. Regularly discuss succession plans to ensure alignment and minimize conflicts. Identify potential successors: Assess the skills, capabilities and interests of family members who are interested in taking over the busi- ness. Consider their qualifications, commitment and willingness to learn and adapt. Develop a development and training program: Design a struc- tured development and training program to groom potential succes- sors. This may include mentoring, job rotations, external training and educa- tional opportunities to enhance their leadership and business acumen. Evaluate external candidates: If there are no suitable family members for succession, explore the option of bringing in external candidates. Conduct a thorough evaluation and selection process to ensure they align with the family's values and vision. Establish a clear governance structure: Define a clear governance structure for the family business, including roles, responsibilities and decision-making processes. Consider creating a board of direc- tors or advisory board that includes both family members and external professionals to provide guidance and oversight. Develop a transition plan: Create a detailed transition plan that outlines the timeline, milestones and steps involved in the succession process. This should include ownership transfer, management transition and any legal or financial considerations. Seek professional advice: Engage external advisors such as lawyers, accountants or business consultants with expertise in family business succession planning. They can provide valuable insights, guidance and assistance in navigating complex legal, tax and financial aspects. Address estate planning and wealth management: Integrate estate planning and wealth manage- ment strategies into the succession plan to ensure a smooth transfer of assets and minimize any potential tax implications or disputes. Continuously review and update the plan: Regularly review and update the succession plan to reflect changing circumstances, family dynamics and business needs. This ensures the plan remains relevant and adaptable to evolving situations. Remember, every family busi- ness is unique, so it's essential to tailor your succession plan to your specific circumstances. By following these best practices and seeking professional guidance when needed, you can increase the chances of a successful transition and the long-term sustainability of your family business. Robin Ann Bienemann is the entre- preneur in-residence of the UConn Family Business Program. Robin Ann Bienemann

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