ST. PAUL — The University of Minnesota extension starting June 2 is offering a five-week course focused on business succession strategy, according to a press release from the University of Minnesota extension.
It is estimated that approximately 50,000 businesses in Minnesota are owned by people age 55 and older. Experts recommend beginning succession planning at least five years before handing over a business to new owners.
Succession planning is not only recommended as a way to prepare for retirement, but also as part of preparing for the “5 Ds” that may arise: death, divorce, disability, catastrophe and misunderstanding.
The online course is designed to provide a confidential and supportive learning space for businesses of all types and sizes. Business leaders will discover options, gain strategy skills and learn from others to create a comprehensive succession plan.
The course was well received when it was offered earlier this year, with 90% of participants indicating they would recommend it to other business owners. Another session will begin on October 6.
For more information, see z.umn.edu/BSTclass or contact Michael Darger, [email protected] or 612-625-6246.