Enhancing Readiness for Business Succession

Is your community prepared for the "silver tsunami " of business owner retirements?

While businesses transition for a variety of reasons, a significant reason for many is retirement. It is estimated that sixty percent of current small business owners were born before 1964, and during the next 17 years, a baby boomer business owner will turn 65 every 57 seconds.

Rural communities are especially concerned about retiring baby boomers who plan to sell their businesses. The health of small businesses is critical to rural economies. They not only provide jobs but also important goods and services needed for rural quality of life.

Beyond economic contribution, small businesses also play a crucial role in the civic and philanthropic life of rural communities. For small business owners in rural areas, the community is not just where they conduct business — it is also their home. The economic and civic structure of the community benefits from their success.

In 2016, Extension studied how small rural communities will keep businesses as a massive generational transfer of ownership and leadership occurs. We conducted our research to help communities understand what they can do to help business transfer succeed.

Our research indicates communities can offer critical support to businesses before and after a transition.

In partnership with VisionOne Performance Group and local economic development staff, and with support from the Southern Minnesota Initiative Foundation, we are pleased to offer a 10-week transition planning course, specifically designed for small businesses in rural Minnesota.

The course is designed to provide content online with in-person application sessions in each community.

This pilot project is available to businesses in the communities of Lake City, Blue Earth, Northfield and greater Faribault County.