NDSU Extension: Design Succession Plan for Small Business

posted on 6 October 2023
NDSU Extension: Design Succession Plan for Small Business

The NDSU Extension is hosting a Design Your Succession Plan virtual workshop on October 30th, November 6th, and November 13th. This workshop is for families who want to shape the future ownership of their family business – the family legacy – whether that is transferring a viable business to the next generation or determining how to divide assets.

Transition Planning Workshop for Small Business Modules

•  Starting Your Succession Plan: This module defines succession planning and highlights the importance of developing a plan and starting early. 
•  Determining What You Want: Participants are encouraged to identify what is important to them and what they want to accomplish with their succession plan.  
•  The Next Generation and Your Legacy: Participants look to the next generation who will follow them in the business. This module helps participants learn how to identify, select, and mentor a successor who will acquire the skills needed to continue the business successfully. 
•  Family/Business Meetings and Conversations: Good communication is key to a successful succession plan. Participants explore guidelines for planning and holding family meetings. 
•  Choosing and Working with Professionals: Participants explore how to identify, choose, and work with needed professionals to develop and implement a business succession plan.

The cost of this workshop is $65, and the deadline to register is October 10th. For more information and registration, please visit www.ndsu.edu/agriculture/extension/events/design-succession-plan-small-business