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City of <br />RAMSEY <br />P"siness "cession Planning <br />Communities, get ready for a wave of retirements <br />What happens to your favorite local businesses and shops when the owner(s) retires? Small business <br />owners in Minnesota are aging. The most recent U.S. Census data from 2021 shows that about 53% <br />of owners are 55+ years old this number has been increasing. By 2030, all owners who are baby <br />boomers (born between 1946 and 1964) will be at least 65 and retired or considering when to take <br />that step. <br />How can communities and business owners prepare? <br />Having a business succession and transition plan is important. To help with creating a plan and <br />moving through the process, University of MN Extension Community Development has tools and <br />resources you may use. Follow the link or QR code to view educational (2-4 min) videos, courses, <br />and other information about preparing a business succession plan. Whether you are an owner, <br />employee, adviser, economic developer, or perhaps a prospective buyer or entrepreneur, select short <br />clips that match your interest. Learn from experts and people who have successfully transitioned a <br />business. <br />UMN Extension: Exit Planning Videos - Click on link or can QR code to watch video <br />httns://voutube.com/nlavlist?list=PLvuBOWMxdvs3whGodL4H61U SzToGgIr5&si=XLcsNdLiKKOK1oBn <br />UMN Extension: All Business Succession & Transition Videos - Click on link or can QR code to watch video <br />httns://www.voutube.com/aBusinessSuccessionTransition/nlavlists <br />UMN Extension Business Succession Resources - Click on link or can QR code to view webpage <br />httns: / /extension.umn.edu /communitv-development/sunnorting-business-succession-and-transition <br />www.cityoframsey.com <br />