Succession Planning and Gymco's Story
Are you familiar with Gymco? Offering gymnastics instruction to Grand Rapids kids of all ages and skill levels, this popular gym was launched in 1980. Held by 1 owner for more than 40 years, Gymco was listed for sale in 2019. Enter Beth Briggs, an experienced HR professional, and equestrian athlete. After careful consideration and negotiation, Beth purchased Gymco. With a strong plan to help the previous owner exit and the transition to go smoothly, what could possibly go wrong? But as they say, "The best laid plans of mice and men often go awry."
A key employee exits unexpectedly...
The previous owner has a difficult time loosening their grip on the gym...
Join TMA West Michigan and the EPI West Michigan Chapter for a night of networking, drinks and appetizers. Listen as Beth and her husband, Denny, share more about their story. Welcome Jenny Dakoske (Charter Capital Partners) to facilitate the discussion, sharing her extensive experience in mergers, acquisitions, exit planning and relationship lending.
The good news is today, the gym is thriving again.
Topics of discuss to include:
*How long is too long to hold your business?
*What challenges exist when the prior owner holds, and holds and holds...
*How to properly prepare for transition/succession planning.
*How important are key employees to successful transfer and how to incentivize them to stay.
*Managing unforeseen circumstances (what happens when the best laid plans go out the window).
*How to work and communicate with your advisors.
*The commitment required for owning a business.
Date: September 21, 2023
2330 E Paris Ave SE
Grand Rapids MI 49546
Time: 5:00 PM- 7:00 PM
Cost: TMA Member (all chapters) | $30
EPI Member | $30
Non Member | $50
TMA or EPI NextGen (40 & Under) | $20
Sponsor | FREE
5:00-5:45pm Registration, networking, drinks, and appetizers located at Rehmann
5:45-6:30pm Presentation by Denny Briggs, Beth Briggs and Jenny Dakoske
6:30-7:00pm Tour of Gymco and wrap up
Beth Briggs is the President and CEO of Gymco, Inc. Gymco is located right here in Grand Rapids and is primarily a recreational Gymnastics facility. In addition to gymnastics, Gymco offers preschool services integrating movement and the classroom as well as programming for school age children through an after-school program and day camp in the summer. Prior to Gymco, Beth attended Lowell High School and graduated from Davenport University with Bachelor of Business Administration with High Honor. Following graduation, Beth started her career in Human Resources working for various manufacturing companies and consulting firms. After starting a family, it was a challenge balancing a career and family focus, and she purchased a 40 year old gymnastics company based in Grand Rapids in December of 2019. In her free time, she enjoys spending time with family and friends and outdoor activities such as riding horses and kayaking.
Denny Briggs has been a Sr. Commercial Loan Officer for Horizon Bank in Grand Rapids for the last 3+ years. Previous to working at Horizon, Denny was a commercial lender with Chemical Bank for 12 years and a small leasing company for 2 ½ years prior to working at Chemical. Denny specializes in listening to customer’s needs and tailoring lending solutions for all industries from Medical to Real Estate to Commercial & Industrial. Denny has worked with borrowers of all sizes from owner operators to complex manufacturing facilities. SBA loans are not foreign territory either, as Denny was awarded SBA Lender of the Year from the Economic Development Foundation in 2012.
Denny earned bachelor’s degrees in Economics, Mathematics and Business Administration from Aquinas College. Later he earned a Masters in Business Administration from Grand Valley State University. Denny services on the TMA Board, Keene Township Planning Commission, Board of Calvary Christian Reformed Church as chair of the finance committee and volunteers at the Ecquest Center for Therapeutic Riding.
Jenny’s professional background has centered on assisting privately held companies, private equity firms, family offices and ESOPs with mergers, acquisitions, divestitures and growth financings. At Charter, Jenny brings her Private Equity experience and relationships to Charter’s growing middle market transaction advisory and investment banking practice.
With more than 15 years in the financial banking sector, Jenny has experience in many facets of transaction and relationship lending including sourcing, underwriting, negotiating, closing, and managing portfolio opportunities across a broad spectrum of industries including manufacturing, distribution, healthcare, business and financial services and technology. She enjoys bringing tailored and creative financial solutions to the complex and challenging environment inherent in the M&A process.
Prior to joining Charter Capital Partners, Jenny served as Senior Vice President with Huntington National Bank in its National Sponsor Finance Group focused on borrowers with $3 million to $50 million of EBITDA. Her solutions focused practice provided leveraged transactions to middle market manufacturing, distribution and service companies on a national basis. She began her career in Chicago and spent 13 years there in various finance leadership roles – primarily at CIBC Bank and its predecessor banks - with a focus on business development for traditional C&I and Private Equity Leverage Lending transactions.
Jenny currently serves on the Board of the World Affairs Council of Western Michigan and is an active member of ACG Western Michigan and the Economic Club of Grand Rapids.
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