North Dakota State University Extension will offer the Design Your Succession Plan program for small businesses in an upcoming virtual workshop. The program helps business owners begin the process of creating a succession plan. Attendees will learn about the process, tools and terms used in succession, transition, and estate and retirement planning. 

“Preparing the next generation to weather uncertain environments is an important part of these potential retirements and local legacies,” says Andrea Bowman, NDSU Extension program coordinator for leadership and civic engagement.

Those who begin the succession planning process during the workshops and continue it at home can cut costs because they are well-prepared to meet and work efficiently and effectively with legal and financial professionals. Attendees will have the chance to think about what they want, explore options and consider consequences before making decisions.

“The program provides owners and the identified successor generation an opportunity to begin shaping future ownership,” Bowman adds. “Good communication is key to a successful succession plan.”

“The Design Your Succession Plan Small Business program was a valuable tool for many businesses in our community,” says Jenny Dusek, community development director for the City of Grafton. “The most challenging part to succession planning is knowing where to start. This three-session program was foundational in helping a variety of small businesses navigate preliminary planning, so that ultimately, they will be able to retire and transition their businesses confidently.”

Discussions about the future can be difficult conversations. Design Your Succession Plan workshop participants learn how to start and sustain those discussions and begin developing a succession plan. They also learn about choosing and preparing to work with legal and financial professionals who will help make sure the plan is workable. 

The three-part virtual workshop will occur from 6 to 8 p.m. CDT on April 24, May 1 and May 8.

For more information or to register visit ndsu.ag/succession2024.

NDSU Agriculture Communication – March 13, 2024

Source: Andrea Bowman, 701-523-6239, andrea.bowman@ndsu.edu  

Contact: Adriana Drusini, 701-231-1856, adriana.drusini@ndsu.edu

Editor: Elizabeth Cronin, 701-231-7006, elizabeth.cronin@ndsu.edu