The Mandan Tomorrow - Economic Opportunity and Prosperity Committee is coordinating a free training session on the topic of succession planning for businesses on Wednesday, Nov. 16, at the Seven Seas Inn, Mandan. Speaking on the importance of planning for the transition in ownership of businesses will be Small Business Development Center Regional Director Keith Olson of Williston.
"Succession planning is important to retaining successful businesses in our community," notes EOP Committee Chair Rob Knoll. A lack of planning for the transition from one owner to the next can lead to a business closure rather than the sale and continuation of a prosperous business. "Mandan has mourned the loss of some great businesses like George's Bakery and Classic Yard. Our committee is holding this training session because we realize it is easier to keep successful businesses going than it is to open new businesses."
The committee has asked Olson to share practical advice with business owners on when and how to begin succession planning including how to value a business, methods of selling a business, and the need for sound financial records.
The SBDC provides free services to new and existing businesses pertaining to all facets of owning and operating a business. The SBDC is supported by the U.S. Small Business Administration, the State of North Dakota as well as local partners. Olson has received special training in business succession planning.
The Nov. 16 training event begins with a 6 p.m. social and 6:30 p.m. dinner followed by the presentation by Olson from 7 to 8 p.m. The training session is co-hosted by the Bismarck-Mandan Chamber, the Bismarck-Mandan Development Association and the City of Mandan Business Development Office. Training session sponsors are being sought.