the June 2023 | Volume 36 | No. 6
CUTURAL UPDATE Mary McNamara Bernsten
SUCCESSION Transition planning for business leadership By Andrew Wright, Rockford Chamber of Commerce professionals can help create a smooth transition, allowing both for a satisfying retirement for the original owner and the continuity of a successful business for the next generation of leadership.
It’s never too soon to start Stacey Curry and David Boulay from the Illinois Manufacturing Excellence Center have helped many regional manufacturers build plans for company growth, leadership training, management transition and succession planning. Curry, a leadership coach with IMEC, has years of experience working with companies going through a transition. “At a time of transition, people are in a very vulnerable place. There’s always
anxiety when the original owner thinks of their company as ‘their baby.’ That anxiety can put ownership behind the curve when they finally begin to talk about succession planning,” she said. Boulay, president of IMEC, adds that an important part of the time of transition comes from the vetting process of a potential successor to the business: “You’re simultaneously building a culture and working to ensure that the way of life at the organization has continuity. Owners will spend time to build a second level of the organization so that the culture sustains and carries the day. You’ll want to ensure that the subsequent buyer has common values and viewpoints on what the business can and should be.” (continued on page 4)
Pusateri selected for U.S. Chamber fellowship Business Leads Fellowship Program addresses critical education and workforce issues
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Rockford Chamber of Commerce President Caitlin Pusateri was selected to participate in the U.S. Chamber of Commerce Foundation’s premiere business leadership program. The Business Leads Fellowship Program trains and equips leaders from state and local chambers of commerce, economic development agencies and trade associations to build their capacity to address the most pressing education and workforce challenges. “Our area is rife with opportunity for our business community to support and further the region’s educational goals,” Pusateri said. “A robust workforce starts with opportunities for kids, inside and outside the classroom, and support for parents in their work life and home life. I’m excited to contribute to the growing movement in our community to identify problems upstream and create longlasting solutions.”
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of the rockford business community
Putting the success in
Whether it’s the pomp and circumstance of the crowning of King Charles III or the political machinations of the Roy family in HBO’s popular show, “Succession,” one thing is certain: the idea of succession planning has taken center stage in history and pop culture. But one doesn’t need to be a royal or a fictional media mogul to know the importance of having a succession plan. Business owners know that building a succession plan with qualified
REACHING THE SUMMIT Erich Vargaz
Following a competitive application and selection process, Pusateri and 34 other state and local leaders were chosen to participate in the eighth class of this program. The six-month program, consisting of both in person and virtual meetings, will cover the entire talent pipeline, including early childhood education, K-12, postsecondary education and workforce development. Upon completion of the program, Business Leads Fellows will join the U.S. Chamber of Commerce Foundation’s dedicated network of over 250 chambers of commerce and statewide associations from around the nation who regularly engage on education and workforce initiatives. Visit businessleads.uschamberfoundation. org for more information on the Business Leads Fellowship Program.
BIG BUGS, BIG FUN Klehm Arboretum & Botanic Garden will host artist David Rogers’ Big Bugs: The Pollinators exhibit for a threemonth period from June 10th to September 10th, 2023. Consisting of 10 larger-than-life sculptures made of reclaimed forest wood and other natural materials that will astound visitors of all ages, artist David Rogers’ work has been shown throughout the entire United States since 1994. This will be the first time his work is showcased in the Northern Illinois region outside of the Chicago area. David Rogers’ Big Bugs: The Pollinators is focused specifically on pollinator species and their critical role in supporting our shared natural ecosystem and food chain. These sculptures will be installed throughout Klehm’s 155-acres of grounds and gardens, and each will be located near paved, accessible paths where they can be viewed by guests of all ages and abilities. This one-of-a-kind exhibit is included with daily admission to Klehm Arboretum & Botanic Garden during the exhibit period.
INTRODUCTION TO GOVERNMENT CONTRACTING The Rockford Chamber of Commerce in partnership with the Rockford Area Economic Development Council is hosting a live webinar for businesses interested in government contracting on July 12 at 8:00am. This workshop is great for businesses with no experience in this arena to those that need a refresher on what they should be doing. Discussions will include information on the free bid lead/bid matching system, how to register as a vendor (at all governmental levels- SAM, IPG, etc.), what is a capability statement and how is it used to market to the government and discover small business certifications that can help you succeed, and discuss subcontracting opportunities as well. Presented by the Illinois PTAC staff, Business Development Center at College of DuPage. Register for this free event at rockfordchamber.com.