SUMMARY:

In this episode of Owners at Work, we talk with Michael Darger, an economic development specialist with the University of Minnesota Extension, about business succession planning, ownership transition, and the growing importance of preserving locally owned businesses as Baby Boomer owners retire. Michael discusses the critical role economic developers can play in helping communities retain businesses, support ownership transitions, and build long-term local wealth. We also explore findings from the Minnesota Business Succession and Transition Study, including why many owners delay succession planning despite recognizing its importance, the role of advisory networks in successful transitions, and the barriers that continue to slow employee ownership adoption.

QUEST INFO:

• LinkedIn: https://www.linkedin.com/in/michaeldarger/
• Email: [email protected]
• Website: https://extension.umn.edu/economic-development/supporting-business-succession-and-transition

OTHER RESOURCES:

Read the 2023 Business Transitions Study: https://z.umn.edu/bstresearch

Read other work by Michael and the U of M Extension: https://sites.google.com/a/umn.edu/michaeldarger

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