What Will Happen to My Business When I Leave?
Our July 9 exit planning workshop will address questions many business owners have been quietly considering for some time.
Maybe it’s a milestone birthday. A health event. News that a competitor sold for a surprising number. Whatever the trigger, Minnesota business owners nearing retirement are asking the same question: How will this business continue without me? And what does my own future look like?
That’s where Steve Haarstad comes in. As Enterprise Minnesota’s leading business growth consultant in strategy and succession planning—and a Certified Exit Planning Advisor through the Exit Planning Institute—Steve helps manufacturers understand their options and develop a strategy long before any decisions have to be made. He’ll share his expertise at our next manufacturing workshop on July 9 from 9:30–11:30 a.m. at Productivity Inc. in Plymouth – Find registration on our Events page.
The workshop is ideally timed for the growing number of manufacturers approaching retirement. U.S. Census data shows that about 53 percent of Minnesota business owners are 55 or older — a share that continues to climb.
Many owners aren’t ready to announce they’re considering a change. But asking questions doesn’t mean a sale is inevitable. It simply means an owner is doing what they’ve always done: understanding the landscape to ensure the long-term health of the business. Enterprise Minnesota’s workshop is designed for owners who are starting to think about the future and want a structured way to explore their options.
During the workshop, Steve will walk through the “three-legged stool” of exit planning: the business itself, the owner’s personal goals, and the financial picture. All three legs must be sturdy for a transition to go well — and most owners discover that at least one needs attention.
On the business side, owners need to ensure their business appeals to potential buyers with clean financials, documented processes, a leadership structure that doesn’t depend entirely on the owner, and consistent cash flow. “Each step strengthens the business, whether a sale is on the immediate horizon or not,” Steve says.
The personal piece is equally important. Studies show roughly 70 to 75 percent of sellers experience remorse after exiting. “They found themselves lost, with nothing to run toward,” he says. The workshop encourages owners to think deeply about what comes next before they’re forced to figure it out under pressure.
The financial component ties it all together. Steve helps owners calculate their “wealth gap” — the difference between what they’ll need in retirement and what they currently hold outside the business. For most manufacturing owners, more than 80 percent of personal wealth is tied up in the company. Understanding the wealth gap is essential to building a realistic plan.
This is the second time Steve has offered a session on exit planning, and I hope you will be able to join us.
You will leave the workshop understanding:
• Personal, financial, and business dimensions of exit planning
• Strategies for effective family and generational succession: plan, prepare, and communicate
• Defining and maximizing business value for a stronger exit
• Succession process and timeline for optimal results
Who Should Attend
This workshop is designed for owners, successors, and board members of small and mid-size manufacturing companies who are ready to start understanding what a thoughtful exit strategy involves.
Registration
This event is exclusive to manufacturers and is free of charge. Registration is required. Please use this link.
Industry News
Another Bloomington semiconductor factory expands to meet technology demands
June 26, Minnesota Star Tribune
Celebrating 250 years of free enterprise and launching the Coolest Thing Made in Minnesota contest
June 26, Minnesota Chamber of Commerce
MN Office of Higher Education announced $4.8 million in grants for dual training initiatives, five in Central MN receive awards
June 24, KNSI Radio
ProMed Pharma Announces Second Dedicated Manufacturing Suite Agreement at Plymouth, MN Facility
June 23, EIN Newswire
LP Building Solutions broke ground on new trim & siding manufacturing facility in North Branch, MN
June 23, Building-Products.com
Minnesota dominates Ernst & Young’s 2026 Entrepreneur of the Year Heartland Awards
June 22, MSP Business Journal
Yanmar Compact Equipment North America reaches 50,000-unit production milestone at Grand Rapids facility
June 21, Grand Rapdis Herald Review
Acuity Brands Lighting announces Winona plant closure, 86 reportedly facing layoffs
June 18, KTTC.com
