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 Nebraska communities have hosted seminars to learn more about what they can do as business owners, potential owners, and/or community leaders. Center for Rural Affairs’ staff with REAP, our small business development program, helped with these events in Ainsworth, Valentine, Burwell, and Ord.
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:
Business succession is critical to our rural communities’ survival. Several Nebraska communities have hosted seminars to learn more about what they can do as business owners, potential owners, and/or community leaders. Center for Rural Affairs’ staff with REAP, our small business development program, helped with these events in Ainsworth, Valentine, Burwell, and Ord.
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 for the business
- 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 Monica Braun, Rural Enterprise Assistance Project (REAP) Women’s Business Center Director at 402.643.2673 or mbraun@windstream.net.
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