Business Succession

Are you part of the 60% of small business owners who were born between 1946-1964 who are nearing retirement? Do you have a plan for unexpected life transitions? Do you recognize the need for succession planning, but feel hindered by the cost, time and lack of resources?

The University of Minnesota Extension and VisionOne High Performance Group have collaborated to create a course that will help you prepare with a 10-week transition planning course, specifically designed for small businesses in rural Minnesota.

What will you gain by participating?

  • Build knowledge and ability to strengthen your business in preparation for a succession event.
  • Learn about resources in your community and how to leverage them.
  • Engage in an on-line learning community with other firms featuring five bi-monthly sessions including one 120-minute kickoff session and four 90-minute sessions to enhance your succession planning knowledge
  • In the alternating five weeks, business owner participants will meet in-person in their community with local economic development facilitators to apply their learning to your specific business.
  • By the end of the course, you will have drafted a formal, written succession plan that addresses and supports your most important business succession, personal wealth, and legacy desires and needs.

What is the commitment?

  • This program is ten weeks in length and will run from March-May 2020
  • Participate in the five on-line learning sessions – March 4, 18; April 1, 15, 29
  • Attend five local meetings in your community with other business owners and your economic development facilitator to complete the coursework for each session. Dates TBD.

What is the cost?

  • Because of a grant through the Southern Minnesota Initiative Foundation, your cost as a business owner is only $100.00 for the full 10-week course. If the registration fee creates a financial hardship, there are limited scholarship funds available through SMIF. Contact John Katz at SMIF for more info (JohnK@smifoundation.org).

REGISTRATION DEADLINE: FEBRUARY 15, 2020

Details and registration are available online at z.umn.edu/succession2020

Question? Contact Greg Siems (greg@nddc.org/507-645-5604)

Access to this workshop is the result of a partnership between the Northfield Downtown Development Corporation, the Northfield Area Chamber of Commerce & Tourism, and the Northfield Enterprise Center.