Succession planning a growing need as population ages
But the aging population brings other big challenges, including creating a good succession plan to pass farms and business onto family members or key employees.
"Succession planning is a necessity. We're dealing with an aging population, and there have been a lot of changes in recent years where people do business differently. Farms have grown to very large operations where they have a lot of staff and may have an international reach," said
The business is part of The Legal Professionals, a group of law offices in
TLP was established to provide facilitation, decision analytics, mediation and fiduciary support services for individuals and families, business and farm business owners.
Burg said family businesses need to have a plan in place and to prepare for a variety of events, such as one of the family members being given fiduciary responsibilities or care support obligations for an aging relative in the business.
And a plan is important not only in family businesses being passed on to others in the family. "Businesses on
"This is a huge economic development need in our area. It can range from a small business that just needs some numbers to build and grow their business. And we scale up from there."
Pearson said they do demographic and market data research to find who a business should market to or provide a variety of other information tailored to help individual businesses. He said such analytics can help at a variety of points.
"If you think of a business or farm as a life cycle, it starts, grows, expands and has a succession phase and sometimes they may have to sell it at that point," Pearson said.
TLP also works with communities and organizations and offers discounts for services that relate to sustainability and resiliency efforts in local communities, including affordable housing initiatives, brown space revitalization, owner-occupied vacant property renovation, grow local initiatives and environmental cleanup efforts.
"The workshops are designed to break it down to bite-size pieces so it's not like information coming from a fire hose."
The two-hour workshops start this month and run into June. Followup workshops will further delve into the issues.
A
A workshop on using analytics for businesses and farm businesses will be
The analytics workshop also will be held in
The workshops are
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