Helping communities address business succession

A majority of businesses in the U.S. are owned by a baby boomer looking to turn over the keys to the next generation in the coming years. That means change is inevitable for Minnesota’s Main Streets and business communities. In response, Extension is helping them plan for transition two ways in 2020.

Business succession pilot program

Extension’s community economics team will create and test a business succession program. This pilot program will help business owners develop a business transition plan through online educational modules and in-person sessions over 10 weeks. This program will launch in March and is supported by the Southern Minnesota Initiative Foundation.

Community leaders from the cities of Lake City, Northfield, and Blue Earth will join Faribault County to be part of the pilot. Extension expects up to 40 businesses to participate in the program.

Employee ownership workshop series

From March 2 to 6, Extension is co-hosting a series of workshops to create awareness of employee cooperatives as an alternative for business transition. At these workshops held in eastern Minnesota and western Wisconsin, community leaders and business owners can learn about selling businesses to employees.

Extension research has shown that communities can make business transition more successful by facilitating relationships and helping local businesses prepare.

Learn more about the programs at https://extension.umn.edu/event/retaining-rural-businesses-through-employee-ownership.