URBANA, Ill. — Across the United States, many small-business owners are approaching retirement without a clear plan for what comes next. Although these entrepreneurs have spent decades building companies that support local jobs and services, many are unaware of succession options beyond transferring the business to their heirs or permanently closing it.
The “Rural Business Transitions” webinar series offers practical guidance to keep these businesses running and protect the economic stability of rural communities. This free series, presented in collaboration with University of Illinois Extension, Rural Partners, and the Illinois Institute for Rural Affairs, will help business owners and economic developers learn about viable business-transition alternatives, including strategies to ensure business continuity, preserve jobs, and strengthen the local economy. Participants will learn about current trends, best practices, and tools to help businesses continue operating beyond their founders' retirements.
“As demographics change in our society, many retiring small-business owners have to decide how they want to exit their business,” says Richard Proffer, community and economic development educator. “This series will provide them with examples of how they can do so without closing the business.”
All sessions are presented from noon to 1 p.m., and topics include:
- Navigating an Era of Transition in American Business: Emerging Trends, Risks, and Opportunities | March 10
- The Evolution of Succession Planning: Strengths, Shortfalls, and Innovative Pathways Forward | March 24
- Succession Through Shared Ownership: Exploring ESOPs and Employee-Led Transitions | April 7
- Business Succession for a Strong Rural Community: Worker Co‑ops as a Transition Strategy | April 21
- Sustaining Local Commerce: The Role of Community-Supported Enterprises in Business Retention | May 5
Register for free at go.illinois.edu/RBT. For more information or to request a reasonable accommodation to enable you to participate in this program, contact Mike Delany at mdelany2@illinois.edu or 815-732-2191. Early requests are strongly encouraged to allow sufficient time to meet access needs.
SOURCE: Mike Delany, community and economic development educator, Illinois Extension.
WRITER: Herbert Chavez, media communications coordinator, Illinois Extension.
University of Illinois Extension develops educational programs, extends knowledge, and builds partnerships to support people, communities, and their environments as part of the state's land-grant institution. Extension serves as the leading public outreach effort for University of Illinois Urbana-Champaign and the College of Agricultural, Consumer and Environmental Sciences in all 102 Illinois counties through a network of 27 multi-county units and over 500 staff statewide. Extension’s mission is responsive to eight strategic priorities — community, economy, environment, food and agriculture, health, partnerships, technology and discovery, and workforce excellence — that are served through five program areas — 4-H youth development, agriculture and agribusiness, community and economic development, health and community wellness, and natural resources, environment, and energy.