Business Succession Program
In late 2018 the South Central Minnesota SBDC received a grant of $39,998 from the U.S. Department of Agriculture (USDA), to pilot a rural business succession program in Sibley County. The SBDC is teaming up with Sibley County Community Development in offering a series of events to help facilitate the potential transition or sale of an existing business from an owner considering retiring or exiting. Though the program is centered in Sibley County, any businesses from rural counties in the Upper Midwest can take part in the program free of charge.
The program consist of four points:
Education of Prospective Sellers
- A series of networking events hosted in Sibley County communities to educate potential sellers on the business succession program.
- Enrollment of potential sellers into the program.
Marketing and Promotions
- A new web portal, BizLink North, promoting entrepreneurship and business ownership opportunities in rural Minnesota.
- Development of digital and traditional marketing materials to generate traffic to web portal.
- Enrollment of potential buyers into the program.
Education of Prospective Buyers
- Screening of potential buyers.
- Creation of professional development plans for buyers.
Match and Follow-Up
- When matched, the buyer and seller will be presented with a proposal to help begin the negotiation process between the parties.
- The SBDC will be available to the buyer or seller for follow-up business consulting assistance.