Episode 14: Understanding rural small business succession

How you can help your community's small businesses

Selling a small business is not the same as selling a house. There are a unique set of factors that owners, potential buyers, and communities must consider when small businesses are sold.

Liz Templin, Extension educator in community economics, discusses how business owners and buyers can prepare for this transition and how communities can help.

"Informal mentorship relationships are invaluable to new business owners."

Read transcript

Episode host(s)

• Christina Kallevig, Extension educator
  University of Minnesota Extension, Center for Community Vitality

Guest(s)

• Liz Templin, Extension educator
  University of Minnesota Extension, Center for Community Vitality

Related podcast

Episode 15: making business succession planning successful

Resources

• Use the Community Vitality page as your go-to resource for help in your community work.
• Read more about this topic in the Winter 2016 issue of Vital Connections.
• Learn more about the Rural Business Ownership Transitions Study (PDF) and its findings.
• Explore the research done by Ben Winchester on brain gain and rural migration. You can also listen to his interview on a recent podcast episode.
• Discover the creative solutions (PDF) communities are using around the country as they address business succession.