Succession planning

Michael Erickson, now executive vice president, will succeed Jay Mazelsky as president and CEO of the Westbrook-based maker of veterinary diagnostics and software.

Think of legacy as maximizing the value of the business and keeping your future options open, our guest columnist writes. It comes from the decisions you make now, the structure you build and the clarity you bring to what you want the next chapter to look like.

As the third generation prepares for ownership, the stage is being set for the next chapter of the Farmington firm that started in the late 1960s as a newspaper publisher.

The leadership transition is part of a long-term succession plan. Maine’s second-largest construction company has been experiencing record growth and profitability.

The Bartlett Maine Estate Winery, which became known in the 1980s for its wine made from locally grown wild blueberries, is on the market for $1.795 million.

Each of the businesses Mainebiz talked with — S.W. Collins and McDougal Orchards — are over 100 years old and have successfully transitioned through multiple generations.

Whether you’re considering transferring ownership to a family member, working with a strategic buyer, selling to another company or converting to an ESOP, you’ll want to have some sense of who on your team would lead day-to-day operations after you leave.

Any number of issues can come up and any number of noses can be put out of joint, particularly when family members are involved.