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Small Business Succession Planning Program

About

The Succession Planning Program offers resources for small business owners thinking about the future of their business. A succession plan is a set of actions that owners take to sell or transfer their business to new ownership. Every business needs a succession plan. Planning early can help you:

• Prepare for an unexpected absence from your business.
• Take care of your own financial future.
• Improve the efficiency and profitability of your business.
• Make the most of your succession options.

Upcoming Events

Succession Planning Conversations: Local Lessons on Selling Your Business

Join us for a coffee talk about small business succession planning. Hear stories from local businesses about their experience selling or buying their business. This event is best for small business owners and organizations that support small businesses. It is open to all and not limited to Cambridge.

The panel will feature:

• Julia Hallman, Owner, Formaggio Kitchen 
• David Sandberg, Co-owner, Porter Square Books
• Joshua Gerber, Owner, 1369 Coffee House 
• Gerry Wolf, Founder/Former Owner, 1369 Coffee House
• Caleb Z, Founding Co-owner, Circus Cooperative Cafe

This event is moderated by John Allen of Allen Business Advisors and sponsored by the Cambridge Community Development Department.

Date: Friday May 1, 2026
Time: 9:00 - 11:00 a.m.
Location: Sullivan Chamber, Cambridge City Hall, 795 Massachusetts Ave., Cambridge.
Registration is required. Register here

Check out our other upcoming business development workshops!

Recorded Workshops & Events

• Shared Success: How to Finance a Worker Co-op Buyout with Cooperative Fund of the Northeast (June 2025). Workshop description: Have you thought about selling to your employees, and wondered about how that change gets funded? Learn the basics of funding a worker cooperative buyout. 

• Employee Ownership as a Powerful Succession Strategy Workshop with the ICA Group (May 2025). Workshop description: Follow along with the Succession Planning and Employee Ownership Workbook. Explore how employee ownership helps businesses thrive and stay in the community. Review models like worker cooperatives, employee stock ownership plans (ESOP), and employee ownership trusts.

• Building a Legacy Beyond Ownership (Succession Planning Action Steps) with Revby LLC (April 2025). Workshop description: Follow along with the workshop slides and the Succession Planning Toolkit. Learn how to assess your readiness for succession, define clear goals, and understand financial and operational considerations.

• Massachusetts Center for Employee Ownership Regional Symposium (February 2025).Hear about the new Massachusetts Center for Employee Ownership (MassCEO). Presentations include a worker cooperative, and a design and planning firm with an employee stock ownership plan (ESOP). Learn from an roundtable discussion about employee ownership.

Additional Business Development Workshops - check out our full library of past business development workshops. 

Guides

Use these practical documents to begin creating your succession plan.

Succession Planning and Employment Ownership: A Workbook for Business Owners. Prepared by The ICA Group (June 2025)

• Learn about the four most common succession plan options.
• Consider the advantages and challenges of each succession option.
• Learn more about worker ownership.
• Take your next steps toward employee ownership by completing worksheets. 

Succession Planning Toolkit: A Practical Guide for Small Business Owners. Prepared by Revby LLC (April 2025)

• Learn important succession planning terms.
• Go through a practical step-by-step process to develop your plan.
• Complete worksheets to identify your personal, financial, and business goals. 

Additional Resources

Discover free and low-cost service providers and nonprofit lenders. The City of Cambridge does not endorse any specific organization listed. 

Education and Training

Center for Women and Enterprise - Education and support for women entrepreneurs and small business owners. 

Massachusetts Center for Employee Ownership (MassCEO) - State office that provides information and resources on employee ownership.

Massachusetts Small Business Development Center - Educational programs and technical assistance for small business owners.

Participatory Management Initiative - Annual course for small business owners to learn how to help employees take part in business operations and decision making.

Succession Ready – Workshop series offered periodically that helps small business owners plan and execute a successful business transition.

Financial Services

National Association of Valuation Advisors Online Directory (includes the ability to search for pro-bono providers)

Legal Services

Harvard Transactional Law Clinic

Lawyers for Civil Rights - BizGrow

Suffolk University Transactional Law Clinic

Lenders

Ascendus - Provides small business loans and financial coaching to underserved owners.

Boston Impact Initiative - Provides loans and financial coaching to cooperatives and other small businesses that prioritize wealth creation.

Cooperative Fund of the Northeast (CFNE) - Provides loans to small businesses that are worker owned or are converting to worker ownership.

Local Enterprise Assistance Fund (LEAF) -  Provides loans and financial coaching to small business, cooperatives, and businesses transitioning to worker ownership.

Nectar – Provides small business loans and financial coaching to underserved owners.

Other Technical Assistance

Cooperative Development Institute (CDI) - Support for businesses transitioning to worker ownership.

ICA Group – Support for businesses transitioning to worker ownership.

Looking for a resource that you don't see here? Let us know! Our contact information is below.

For more information

For more information on the Succession Planning Program please contact Sarah Jane Huber at shuber@cambridgema.gov or 617/349-4624.