Northspan Vice President Bob Palmquist will present at the summer Economic Development Association of Minnesota (EDAM) conference. Palmquist and Benjami Tsai, the Director of the Worker Ownership Initiative at Nexus Community Partners, will host a two-part series titled Business Ownership & Succession Planning.
Successful economic developers know that business ownership succession must be a critical component of a community’s economic development strategy to enhance job retention, foster wealth creation for families, enhance community vitality, and to create a community culture that embraces entrepreneurship. Small businesses face a myriad of legal, emotional, and financial questions and variables when they consider developing a succession plan.
In this 2-part session, our panel of experts will provide critical information that economic development professionals need to know when you are working with a business who is considering or developing a succession plan. We will begin with a general overview of the key fundamentals that economic developers need to know about business succession, and then we will take a deeper dive into the incredible opportunities with employee ownership as one powerful option.
In part 2, we will hear directly from a company that has undergone a ownership succession process and how we can learn from their journey, followed by a facilitated panel discussion which will also include a CPA to provide valuable insights from a financial and legal viewpoint. If entrepreneurship and business retention are strategic priorities for your organization, then you don’t want to miss either part of this session.
The sessions will run from 1:10-1:50 and 2:00-2:40 PM on Thursday, June 18, 2020, and the conference is being held virtually due to COVID-19. See the full EDAM conference agenda here and register for the conference here.