NDSU Extension presents virtual workshop on designing succession plans for small businesses – Jamestown Sun

NDSU Extension presents virtual workshop on designing succession plans for small businesses – Jamestown Sun

North Dakota State University Extension is hosting a virtual workshop called Design Your Succession Plan for small businesses. This program is designed to help business owners kickstart the process of creating a succession plan. Participants will gain knowledge about the tools, terms, and processes involved in succession, transition, and estate and retirement planning.

According to Andrea Bowman, NDSU Extension program coordinator for leadership and civic engagement, preparing the next generation to navigate uncertain environments is crucial for successful retirements and maintaining local legacies. By starting the succession planning process during these workshops and continuing the work at home, attendees can save money by being well-prepared to collaborate efficiently with legal and financial professionals.

Attendees will have the opportunity to consider their desires, explore different options, and evaluate potential consequences before making decisions. Bowman emphasizes the importance of good communication in the succession planning process, stating that the program allows owners and their successors to shape future ownership effectively.

Jenny Dusek, community development director for the city of Grafton, praises the Design Your Succession Plan Small Business program for being a valuable resource for many businesses in their community. She highlights that the most challenging aspect of succession planning is knowing where to begin, and this three-session program has been foundational in helping small businesses navigate initial planning stages.

Discussing the future and planning for succession can be daunting, but workshop participants will learn how to initiate and maintain these essential conversations while creating a feasible succession plan. The three-part virtual workshop will take place on April 24, May 1, and May 8 from 6 to 8 p.m. CDT. To learn more or register for the workshop, visit ndsu.ag/succession2024.

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