Succession Planning Panel Discussion

New Resources Help and Encourage Owners to Plan for the Future

A panel discussion that is focused on small businesses’ sharing their experiences and lessons learned around succession planning will be held Friday, May 1, 2026 at 9 a.m. at Cambridge City Hall, Sullivan Chamber, 795 Massachusetts Avenue, Cambridge. The goal of the discussion is to help small business owners plan for their future and who are considering an ownership transition.

Hosted by the Community Development Department’s Economic Opportunity & Development Division, Succession Stories: Local Lessons on Selling a Business will feature current and former business owners who have successfully bought or sold a Cambridge business. This free event is open to all. Attendees are encouraged to register for the event.

Succession planning – also known as exit planning – is the process of planning for what their business will look like after they leave it. Today’s business owners need information about alternate avenues of business transition, yet it can be difficult to find resources focused on succession planning. However, several well-known businesses in Cambridge have successfully changed ownership and can serve as models for thousands of Cambridge business owners who have not yet made a plan.

Succession Stories panelists will be:

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

Each panelist will speak about the unique paths that led them to or from their longstanding Cambridge businesses. Moderator John Allen of Allen Advisors will guide the discussion of common challenges owners face and the opportunities that planning ahead provides owners, workers, and the community.

The Economic Opportunity & Development Division (EODD) works closely with local businesses and has helped many identify hard-to-find resources and experts. Over the past two years, the team has produced accessible, digestible educational tools and workshops, and has developed their own expertise as well.

Associate Economic Development Specialist Sarah Jane Huber was selected for the 2025 cohort of the Northeast Transition Initiative (NETI) Fellowship, which focused on business succession planning processes and options. Her learnings have helped her and her team better support Cambridge businesses considering ownership transitions. The fellowship also deepened her appreciation for the economic impacts of succession planning. Succession planning not only supports financial stability for business owners, but it has the potential to contribute to economic mobility for middle- and low-wage workers. Planning in advance opens more succession options including selling to an employee or a group of employees. Selling to employees can help workers build wealth through business ownership.

The value of succession planning extends beyond economic impact.

“Local businesses in Cambridge are so important to the fabric of our community,” said Cambridge Assistant City Manager for Community Development, Melissa Peters. “We all have foundational memories that involve special local establishments, and when those places cease to exist, we feel a meaningful loss. Our work on succession planning is to help ensure the bright future of our cherished neighborhood restaurants, shops, and service providers so that they continue to thrive in our City.”

“In my first year, I would often joke that I wished there was a manual on how to own a business,” said panelist Julia Hallman, Formaggio Kitchen owner. “Looking back, it would have been wonderful to have advisors or written reference points from other local business owners to help guide my experience.”

Learn more and register for the event on the Community Development Department website.