CHICAGO (PRESS RELEASE – March 25, 2009) – Harris announced today that as a part of its efforts to support the local business community, it recently published Here, Take the Wheel: Succession Planning Stories and Insights from Business Owners. The reference book provides insights from several successful business owners regarding the importance of succession planning and strategies to help ensure smooth transitions.
“Harris has been very focused on helping family-owned businesses succeed from start-up, through expansion and transitions of ownership,” said Peter B. McNitt, vice chair, Harris Bancorp, Inc. “The publication of Here, Take the Wheel provides perspectives that all business owners can use to ensure the success of their companies for generations into the future.”
“Recent statistics show that while 90 percent of the 21 million U.S. businesses are family-owned, only 30 percent succeed to the second generation,” said Terry Jenkins, president and CEO, Harris Private Bank. “Today’s challenging economy makes informed succession planning critical to a successful transition and Here, Take the Wheel offers several great examples that everyone can learn from.”
Presented in a conversational, “as told to” style, nine family business succession stories are reported by three authors, Sarah Krueger, whose family has been building a business for more than 100 years, James J. Raaf, CPA, managing director of Family Office Services at Harris and Richard P. Shuma, senior vice president in Harris’ Business Banking Group.
Here, Take the Wheel offers business owners a road map for how to start the business transition process. It describes planning and special situations that need to be identified along with determining long-term family, investment and tax implications. The chapters cover selecting a leader from one’s heirs, preparing the next generation for their long-term involvement, taking over after a spouse’s untimely death, overcoming cultural expectations, preserving wealth and more.
Business owners can obtain Here, Take the Wheel and other succession planning resources for family-owned businesses at www.HereTakeTheWheel.com.
Harris is an integrated financial service organization providing more than 1.2 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name.
Harris(R) is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates, Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, a SEC-registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM), a SEC-registered investment adviser. Not all products and services are offered in every state and/or location.