St. Louis Park furniture store perseveres through changes
Sunday, June 9, 2013
Last year, Nancy Newcomb, owner of Odds & Ends Furniture, began handing over ownership to her son Gary Newcomb, who has worked at the store for years.
Ritch Sorenson, professor of entrepreneurship and director of the Family Business Center at the University of St. Thomas’ Opus College of Business, recommended that family business owners such as the Newcombs develop a transition plan and even an estate plan to clarify roles and responsibilities through the ownership change.
“The rule of thumb I’ve heard is that you should spend about nine years at least preparing for the transition and preparing the estate plan,” he said. “There are a lot of things to put in place for the business to continue to run.”
Originally published: 06/09/2013, Star Tribune