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Succession planning a growing need as population ages

Monday, June 25, 2018

MANKATO — Retirement of baby boomers is a big topic in the business community as a shortage of workers makes it harder to find the next generation of employees.

But the aging population brings other big challenges, including creating a good succession plan to pass farms and business onto family members or key employees.

"Succession planning is a necessity. We're dealing with an aging population, and there have been a lot of changes in recent years where people do business differently. Farms have grown to very large operations where they have a lot of staff and may have an international reach," said Honey Burg, co-owner of TLP Co.

The business is part of The Legal Professionals, a group of law offices in Mankato, New Ulm, Sleepy Eye and Hutchinson, with the Mankato office at 500 South Broad St.

TLP was established to provide facilitation, decision analytics, mediation and fiduciary support services for individuals and families, business and farm business owners.

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TCDC RLF funds provide additional access to capital for new and emerging small businesses where traditional sources of funding are unavailable or limited.  Strong consideration is given to value added agricultural manufacturing, technology, commercial/industrial and product manufacturing businesses that retain or create quality jobs.