FAIRMONT– The Fairmont Area Chamber of Commerce recently held two kick-off sessions highlighting the importance of planning for business succession. The sessions were free for businesses through a grant from the Southern Minnesota Initiative Foundation.

Fairmont’s former economic development coordinator, Linsey Preuss, had been instrumental in applying for and securing the grant through SMIF. Local partners involved include the Fairmont Area Chamber of Commerce, Fairmont Community Education and Recreation and the Fairmont Economic Development Authority. Several regional partners helped with the sessions as well.

Chamber president Ned Koppen said the sessions were planned because they saw a need for the business community on what succession planning should look like.

“We always hate to see businesses close or disappear and this might be one way for some of those businesses to carry on after some of their current owners retire, leave or sell. Selling would be better than closing it,” Koppen said.

The kick-off event was held on March 22. Koppen said they saw a good turnout for both the noon and evening session. There were 14 different businesses that attended the sessions.

“We’re really happy with the turnout,” Koppen said.

The businesses were educated on the importance of gathering a team of advisors, which could include financial and legal. They also went over how to go though the process of determining valuation of the business.

A special aspect of the sessions included a panel of local business individuals who had either recently purchased or sold a business. They were able to speak about the process and help answer any questions.

“They were really engaging with the group,” Koppen said.

He said the first sessions included a nice mix of people who would be ready to sell their business tomorrow if everything was in place, as well as people who were looking for foresight so years down the road they’ll be ready to proceed.

Next, there will be two continuing tracks, on April 26 and 28, that anyone can register for on the Fairmont CER website.

While the kickoff event provided a wide lens look at succession planning, Koppen said the additional tracks will be more of a “deep dive.”

“One will concentrate on selling your business and the other will concentrate on buying a business,” Koppen said.

The sessions were open to businesses beyond Fairmont. Koppen said they had a businesses from Truman, Blue Earth and St. James that attended the session. He said the additional tracks are open to businesses beyond Martin County as well.

“The goal is to help any of our local businesses that need to be educated on succession planning,” Koppen said.

Koppen pointed out that succession planning isn’t necessarily all about what happens when someone is ready to retire, but to get a plan in place in case there’s a serious health issue or other unexpected issue that comes up.

“If you haven’t done any of this planning at all, you’re really behind the eight ball. But if you at least have a general idea and know who your team is, you’re ahead of the game,” Koppen said.