Skip to content
Member Login

Succession planning resources for Otter Tail County businesses

Economic

Succession and transition planning are important for business owners at every stage, not just for those who are ready to retire. A succession plan helps a business get ready for what comes next. This could mean selling the business, handing over ownership, training the next group of leaders, hiring new managers, or making a plan for unexpected events. Starting early can make things easier for the owner, employees, family, customers, and the community.

Many business owners wait until they are close to retirement to think about succession planning, but the best time to start is before it becomes urgent. Having a solid plan gives owners time to look at their options, organize important financial and legal documents, get future leaders ready, protect the business's value, and talk openly with everyone involved.

Succession planning is especially important for small businesses and family-owned businesses. These businesses are often a big part of their communities because they provide jobs, services, gathering places, and local investment. If a business does not have a plan for what happens next, its future can be uncertain.  Having a plan in place can help protect the work that has already been built and support the long-term success of the business.

Otter Tail County’s Business & Development Resources page has information to help business owners learn more about succession and transition planning. These resources can help owners understand where to start, what questions to ask, and who to talk to for help. The West Central Minnesota Small Business Development Center (SBDC) and University of Minnesota Extension are two organizations that offer advising and education about business succession and transition planning.

Business owners should begin talking about succession planning now, even if retiring, selling, or passing the business to someone else seems far away. Planning today helps protect the future. People in the community, employees, banks, Chambers of Commerce, economic development partners, and local leaders can also help by sharing these resources with business owners they know.

Share these resources and learn more:

Succession planning resources for Otter Tail County businesses

Scroll To Top