Business Succession Critical to Communities
Many small businesses are set to change hands; REAP helps to prepare communities

Business succession is critical to our rural communities’ survival. Several communities in the North Central Region hosted seminars to learn more about what they can do as business owners, potential owners, and/or community leaders.

REAP Senior Business Specialist Gene Rahn worked with Kristin Simonson, North Central Development Center in Ainsworth; Mike Burge, Valentine Economic Development in Valentine, and Glennis McClure, Community Affairs Officer with the Federal Reserve Bank of Kansas City (and former REAP employee) to hold seminars in Ainsworth and Valentine in late January.

In early March, Nicole Sedlacek, the local HomeTown Competitiveness Coordinator in O’Neill hosted a seminar with Gene, Glennis, and REAP Women’s Business Center Director Monica Braun. Lynn Franzen, Burwell Economic Development Director and Nancy Glaubke, Business Development Coordinator in Ord, collaborated with Gene, Glennis, and Monica to host a seminar at The Country Neighbor Restaurant near Elyria for their area residents.

All sessions were well attended. Local accountants presented information on the possible tax consequences that need to be considered when transitioning a business at the Valentine and Burwell/Ord seminars.
Points considered in the business succession planning seminars included:

• Evaluating where the business is currently
• Recognizing the importance of having the financial records in order
• Identifying who might be potential buyers
• Considering the time frame of selling
• Putting your team of advisors together
• Being realistic in valuing the business
• Financing options for the business transfer

If you or your community are interested in this topic, please contact your local REAP Business Specialist or Monica Braun, REAP Women’s Business Center Director at 402.643.2673 or mbraun@windstream.net.