Family-owned businesses face unique struggles and, therefore, require unique solutions. 

What do those look like?

This release features Mike Heckman chatting with Jim Scatena, former CEO of FloraCraft®. Jim discusses his consulting work with businesses, emphasizing the importance of financial understanding and management. 

He shares some of the pain points family-owned businesses face, the significance of cost analysis, and adapting to economic trends. He also covers cash flow analysis, the necessity of a financial cushion, and the value of exit and succession planning for business sustainability. 

Discussion points include: 

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• The unique challenges family-owned businesses face in the modern day and how owners are overcoming them
  
• How to better adapt to economic trends like higher interest rates
  
• The value of comprehensive cash flow analysis and exit planning
  
• How to build a prosperous succession plan
  
• And more!
  

Resources:

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• Meet the Team at Sable Point Wealth Management
  

Connect with Mike Heckman: 

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• LinkedIn: Mike Heckman MS, CFP®, CEPA®
  
• mike@sablepointwm.com
  
• Sable Point Wealth Management
  
• (231) 425-4308
  

Connect with Jim Scatena:

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• LinkedIn: Jim Scatena
  
• jimscatena1@gmail.com
  

About our Guest: 

Jim Scatena is the retired CEO and President of FloraCraft® Corporation. FloraCraft® is the world’s largest fabricator of Styrofoam® brand products for the arts & crafts market and a key supplier to Walmart, Dollar Tree, Dollar General, Michaels Stores, Jo-Ann Fabric & Crafts, Hobby Lobby, A.C. Moore, Five Below, Amazon and many other retailers and mass merchants.

Jim is a recognized craft industry leader and serves as the Chairman of the Board of Directors of the Association For Creative Industries (AFCI). Jim has also served as chairperson of the craft industry’s national trade association, CHA (Craft & Hobby Association). Jim has strong leadership skills and is a trusted advisor. Jim also has experience as an expert witness for litigation involving the arts and crafts market.

Before his experience at FloraCraft®, Jim served as Vice President and General Manager of Wilton Enterprises, a consumer products packaged goods company serving the housewares and crafts industries.

Jim also served as Director of Sales with the art materials division of Binney & Smith, the manufacturer and marketer of Crayola brand crayons.