DISTRICT 518 COMMUNITY EDUCATION 20 WWW.ISD518.NET/ENRICHMENT | 507-376-6105

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Succession Planning is the process for identifying and developing new leaders who can replace seasoned leaders when they retire or move on. In business, it can entail developing internal people with the potential to fill key business leadership positions. It also can be the purchase of the business by another business in town, or a brand new business owner. Within the next 10 years, 65% – 75% of small family businesses in the U.S. will go up for sale or have a retirement of the current owner. With this important information, Worthington District 518 Community Education, along with the Worthington Chamber of Commerce, Worthington Regional Economic Development Corporation, Blandin Foundation, and the Southwest Regional Development Commission, have put together a series of 5 forums. These forums will assist current small business owners and prospective new business

owners with planning for their future. Each of the 5 forums is meant to be a building block from the forum prior in gathering information, asking questions, and learning about the process, and the series is to be participated by attending all sessions.

The first 3 forums will be split into 2 tracks with different presentations – one group being the business owner looking at change, and the other group being the prospective small business owner down the road. The 4th and 5th forums will combine both groups to work on business plans, sale packets, financing and other issues with local experts. This type of forum has been discussed in every small community in this area, do not hesitate to get registered for this informative program!

SUCCESSION PLANNING: GETTING READY FOR THE NEXT GENERATION

TRACK A - ENTREPRENEUR / OWNER

TRACK B - PURCHASER / FAMILY MEMBER

Goals GoalsOutline of the business plan Outline of the business plan

Necessary competencies needed to reach goal

Necessary competencies needed to reach goal

Anticipated Obstacles Anticipated ObstaclesTimeline Timeline

Identification of successful outcome Identification of successful outcome

January – Tues, Jan 31 6:00-8:30pm Track 1 A. For Entrepreneurs – Succession Planning and the Development of a Financial Exit Strategy Track 1 B. For Prospective Family Members or Buyers – Business Ownership: What is it like to own and run a business in Worthington, Minnesota or Southwestern Minnesota? February – Tues. Feb 28 6:00-8:30pm Track 2 A. For Entrepreneurs – The Last Challenge of Entrepreneurship and Creating a New Vision/ Career Plan – How to leave the business. 2 B. For Prospective Family Members or Buyers – Business Plan, Inventory, Marketing, Brand and Technology March – Thurs. March 16 6:00-8:30pm Track 3 A. For Entrepreneurs – How to Prepare My Business for Sale and Understanding the Needs of a Potential New Owner 3 B. For Prospective Family Members or Buyers – How to Prepare and Finance the Purchase of a Business April – Combined Group with Catered Dinner – Tues. April 18 6:00-8:30pm Successful Stories by Local Entrepreneurs Who Have Completed the Transition - Investor/Owner and a Family-Held Business Homework Assignment – Create an Outline for Your Own Succession Plan or Buying a Business that Includes a Comment in the Topical Areas for the May Session May – Share Your Own Plan – Tues. May 9 6:00-8:30pm Participants will have an opportunity, in small groups, to share their initial plan for their transition or acquisition of a business. Each participant will share the strengths and weaknesses of their plan in regard to the following categories:

DISTRICT 518 COMMUNITY EDUCATION 21 WWW.ISD518.NET/ENRICHMENT | 507-376-6105

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Tom HublerMember, Platinum GroupAreas of Focus: family business, succession planning, conflict resolution

Since 1980, Tom has been addressing family owned business needs based on his background in family therapy. Known as the “dean” of family businesses, he is a nationally recognized expert

on family business challenges. His work with hundreds of family businesses has enabled them to be driven by their values and vision rather than the often, conflicting overlap of family relationships and business systems. He developed many of his theories on family businesses and families of wealth while studying systems and organizational development as a Bush Leadership Fellow.

Steve ColemanPartner, Platinum GroupAreas of Focus: Owner transition & succession plans, strategic planning, sales growth

Steve offers in-depth experience to clients pursuing strategic growth, new business development, sales planning, and post-merger integration. As more ‘Boomers’

age, he helps owners with exit strategies, which sometimes includes planning a succession or business sabbatical. He facilitates a monthly Transition Forum for leaders who are wondering: “What’s next?” Based on these forums, Steve co-authored a book with Platinum’s Jim Gambone – What’s NEXT for You: Business Owners Share Their Transition Stories.

SUCCESSION PLANNING:MEET THE FACILITATORS

SUCCESSION PLANNING:REGISTER TODAY!

5 SESSIONS • $95

TUESDAY, JANUARY 31, 2017TUESDAY, FEBRUARY 28, 2017

TUESDAY, MARCH 16, 2017TUESDAY, APRIL 18, 2017

TUESDAY, MAY 9, 2017

Attendees of this event for 4 or more sessions will receivea discounted price on #Market Smarter 2017 in June!

WORTHINGTON EVENT CENTER1447 PRAIRIE DRIVE • WORTHINGTON, MN

To register for the Succession Planning forum please contact the District 518 Community Education office at 507-376-6105. You can also register online at www.isd518.net/enrichment.

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ALL SESSIONS ARE FROM 6:00 PM - 8:30 PM

Chamber of Commerce