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    4. Planning Is Critical For Business Succession
    PLANNING IS CRITICAL FOR BUSINESS SUCCESSION main photo

    PLANNING IS CRITICAL FOR BUSINESS SUCCESSION

    May 18, 2023

    Entrepreneurs often begin their business endeavors with a great idea to resolve gaps observed in their local economy. Despite their successful efforts, many do not plan — or want — to contemplate how their businesses end, whether to retire or move on to other business ideas. As the baby boom generation reaches retirement age in record numbers, more small business owners seek to exit their ventures. Therefore, the need for succession planning is more important than ever.

    “It is never too early to start thinking about exiting from a business, whether that is for retirement or other reasons,” said Zack Filipovich, consultant and finance manager at Northspan Group. “We tell all of our entrepreneurs to start a business with the end in mind.”

    Read the complete article from Great River Energy here. 

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    Todd County Development Corporation347 Central Ave, PO Box 247 Long Prairie, MN 56347 Tel 320-732-2128 melissa.wyman@co.todd.mn.us
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