Ohio State University Extension- Noble County Community Development is co-sponsoring a no-cost, Business Succession Planning Lunch and Learn with the Ohio University Small Business Development Center (SBDC) April 21 from Noon- 1p.m.
Studies show that small businesses circulate dollars from purchases in their communities at a rate three times higher than large, big box or chain stores. One Economic Development Journal article from 2020 indicates with the impending wave of baby boomer business owner retirements at as many as 10,000 a day. In the U.S., baby boomers own nearly half of all privately held businesses which employ 25 million people and account for over $5 trillion in sales.
The Small Business Succession Planning Lunch and Learn session is one-hour to focus on a topic of great importance to any business owner. It is of importance to communities as well. In Noble County there are 437 business establishments. These local businesses are classified in stages: 17 percent are self-employed; 62 percent are Stage 1 with 2-9 employees; twenty percent are Stage 2 with 10-99 employees and one percent are Stage 3 with 100-499 employees.
Nationally, it is estimated that between 60 and 80 percent of business owners do not have a written succession plan in place. This means there is no plan for what happens after the current business owner. The Lunch and learn will cover key steps to being prepared, succession options, how to value a business for succession and connecting with the right professionals.
Speakers will include Matthew Lessard, Minnesota SBDC and John Voorhies of the Ohio University SBDC. Save the Date for April 21 and Register today at 740-597-1460 online at https://noble.osu.edu/events/business-succession-planning-lunch-learn or via email to firstname.lastname@example.org.