This summer, the Regional Manufacturing Coalition (RMC) gathered at The Gordon Rupp Pump Company in Crawford County for an important conversation on business transition planning. With more than 40 leaders from across the region in attendance, the event underscored a growing reality: the future of manufacturing in Ohio depends not just on innovation, but on how well today’s owners prepare for tomorrow’s leadership.
A panel moderated by Mike O’Donnell, COO of Consulting at MAGNET, guided a discussion through the four essential phases of transition planning:
1) Making the Decision to Transition
- Bob Bove, founder of The 4:8 Group, opened with a high-level overview of the decision-making process. He noted that starting early and aligning values-driven goals with financial planning are key to ensuring smooth ownership transitions.
- Joe Majewski, owner of Majek Growth, shared his own experiences helping business owners recognize when it’s time to start planning, stressing the importance of overcoming hesitation and building a clear roadmap.
- Ken Novak, founder of HATCH, added that leaders must be intentional about the timing and communication of their decision, framing it as a positive step toward sustainability rather than an ending.
2) Building a Transition Team
- One perspective emphasized how critical it is to surround yourself with the right advisors and leaders. “You can’t go it alone—you need expertise in finance, operations, and culture to make the plan real.”
- The discussion also highlighted which roles and functions are non-negotiable when building a transition team:
- Valuation Expert - provides objective business valuation to set fair asking price
- Value Accelerator/Exit Coach - optimizes business value, improves operations, ensures readiness before sale
- CPA/Tax Advisor - maximizes tax efficiency, reviews financials, prepares for due diligence
- M&A Attorney - negotiates deal terms, protects legal interests, drafts and reviews contracts
- Financial Advisor - prepares personal financial readiness, exit planning, investment strategy post-sale
- Panelists closed this section with practical comments about alignment, noting that the best teams combine professional expertise with personal trust.
3) Execution: Managing the Major Tasks
- Execution was framed as the “make-or-break” phase, and the discussion outlined financial and tax considerations that must be addressed during a transition.
- Panelists emphasized the need for clear communication strategies across employees, customers, and partners.
- They also stressed the importance of maintaining discipline in following the plan while remaining flexible for unexpected challenges.
4) Next Phase of Your Career and Life
- Tapping into your passion, whether it's building on your past career, revitalizing or something new
- Panelists shared their stories on their next phase, including mentoring and supporting new businesses, guiding owners to maximize enterprise value while preparing personally for life beyond the company, and reframing succession not as an exit but as a reinvention—an opportunity to chart a new path while leaving a legacy.
Transition planning is more than a financial transaction—it’s about safeguarding jobs, communities, and the long-term strength of Ohio manufacturing. The panelists emphasized that starting early, building the right team, and aligning values with strategy helps ensure business continuity while preparing owners for their own next chapters.
As Mike O’Donnell summed up in his closing remarks, “Transition isn’t the end of your story—it’s the beginning of the next phase for both you and your business.”
For more information about how MAGNET can support your growth—from transition planning and leadership development to technology adoption and workforce strategies—visit www.manufacturingsuccess.org.