Preparing for the future is a vital part of our life, but many of Iowa's businesses have not given succession of the business much thought or just don't know where to start. The statistics tell us that 25% of all small businesses in Iowa are owned and operated by people 55 to 65. Over 10% are operated by people 65 to 80, and over 600 small businesses are owned by people 80 and older.
Business succession planning can take a minimum of one year, and sometimes two to six years or more, and because of barriers, many business owners start too late.
This several communities in our area will be offering workshops offering business owners information, local resources, and hands-on assistance in planning the transition of ownership of their business. Iowa Small Business Development Centers are leading this public/private partnership for business owners who want to know how to sustain their company while selling the business to family members, employees or outside buyers.
The Six-hour workshops, scheduled from 9 a.m. to 2 p.m., entitled "Put Success in Succession," address selling your business, successful strategies and "landmines," assembling a team and the succession process. Also, covered will be buying and selling motivation and issues, legal, tax and financial considerations. A panel discussion with local experts and resources is a part of the program.
Succession planning will help you to have peace of mind that when the time comes to retire from your business that you have a viable plan in place to ensure that all your hard work and devotion will not end, that your family will not have to make these important decisions for you and your community will continued to be served by your business for the next generation.
The following communities will offer the workshop: Sioux City, April 21 and Spencer, April 22. Cost of the program is $75 for up to four people, and that cost includes lunch and resources for all attendees. Registration and more information are available at www.iowaasbdc.org.