How Ready are Owners for Business Succession and Transition?

Summary

This webinar shares findings from a recent survey of small businesses in Minnesota that explored business owner awareness, attitudes, aspirations, and preparedness for transferring their business when the time comes. This webinar also discusses the importance of business succession and transition planning and highlights what community economic development practitioners can do to support small businesses with guest presenter, Michael Darger.

Webinar Recording

Presentation Notes

How Ready are Owners for Business Succession and Transition? PowerPoint Download

Additional Resources

Supporting business succession and transition, University of Minnesota Extension

The Minnesota Business Succession and Transition (BST) Study

Business Succession and Transition Survey

Business Succession and Transition Playlist, University of Minnesota Extension

How Well are Business Owners Preparing for Succession and Transition?

Small Business Closure Crisis, Project Equity

Wisconsin Center for Employee Ownership

UW Center for Cooperatives

Our Presenter

Michael Darger, Extension Specialist, Community Economics Director, University of Minnesota-Extension

Michael is is a community economics specialist who manages UMN Extension’s Business Retention and Expansion program. His current education and research interest is business succession and transition (BST). He is researching business owners’ understanding, attitudes and preparation for succession and transition. A related interest is the conversion of businesses to employee-owned businesses such as ESOPs, cooperatives, or employee ownership trusts. He also teaches Business Retention & Expansion (BRE) courses to economic development audiences and provides BRE consulting and applied research for Minnesota communities. He has served on the boards of economic and community development organizations and edited a book in 2019 Business Retention and Expansion (BRE) A Practical Approach to Economic Development (Rutledge). He serves on the board of the Northeast Investment Co-op in Minneapolis.