Business leaders led a panel discussion on succession planning at the Indiana Black Expo Business Conference. 

Succession planning is seen as a necessary component of growing a business. Every successful entrepreneur needs it to develop the next generation of leaders.      

John Thompson, the CEO of Thompson Distribution, says having a strong succession plan is key to building and growing shareholder value. Ensuring someone is in place to take over your business after you step down instills confidence in your investors and board.  

Thompson says it is important to keep the end goal in mind when doing succession planning, Where selling the company to a new owner or passing it down to your children, Thompson says a strong plan will help you avoid a lot of headaches when the time comes. 

Kristin Mays-Corbitt, the President of Mays Chemical Company, agrees with Thompson. When she took over the company from her father, William Mays, in 2012, she said the security of the business was at the top of her mind. 

Mays-Corbitt wants business owners to think about the talent around them and who might be in a position to take over. She says it’s important to secure what you’ve built.