|Business transition workshop set for Imperial Thursday, Feb. 5|
By Russ Pankonin
The Imperial Republican
Business owners looking at transitioning out of their businesses in the future can get some insight on the process during a free workshop in Imperial next Thursday, Feb. 5.
The workshop will be held at the extended campus of Mid-Plains Community College, from 6 to 9 p.m. MT. The campus is located at 1320 Broadway.
The workshop will be presented by Odee Ingersoll with the Nebraska Business Development Center at the University of Nebraska-Kearney.
Ingersoll has extensive background working with business valuation and ownership transition. He will offer solutions for selling a business or transferring it to another generation of the family.
The free workshop is being sponsored by the West Central Nebraska Development District (WCNDD) based in Ogallala.
WCNDD Business Development Specialist Winsome Backer introduced the program at last week’s Imperial Chamber meeting.
Backer noted 52 percent of small business owners plan on leaving their business in 10 years or less.
Thirty percent plan on leaving in five years of less.
Backer said transition plans are essential for an owner to get the value out of their business as well as maintaining that business on Main Street.
The workshop will address such business owner questions as how much is my business worth?; who will be able to purchase my business?; when should I begin planning?; when can I retire?; how will this affect the community?