FAIRMONT–The Fairmont Area Chamber of Commerce and Martin County EDA have collaborated to present a free Business Succession Workshop for the area business community.

Fairmont Economic Development Authority Coordinator Ned Koppen said business succession involves planning for a future where the business owner, for one reason or another, would not be able to lead the business anymore.

“That [could be] retirement and an exit plan for a current owner, and what kind of transition plan you have so your business carries forward,” he said. “It could be something unforeseen, whether it’s death, illness, accident, or other. Making sure your business is ready to move forward, even without you there.”

Community Economic Development Association Intern Macey Becker said the event will center around a guest speaker.

“Matthew Lessard will be coming down, and he will teach the workshop,” she said. “He works with the SBDC (Small Business Development Center). That’ll be about a 30 to 45-minute long presentation. We’ll have an extra 45 minutes for Q and A.”

From previous experience, Koppen said Lessard provides a wide-angle overview lens of the process and insight he previously hadn’t considered from a business perspective.

“Death, injury, illness, all of those things can facilitate a need for a succession plan,” Koppen said “How does your business move forward if you’re not there tomorrow for whatever reason? It’s a team effort internally within your business as you develop that plan, whether it’s family or employees.”

Through business succession, Koppen said businesses can be maintained instead of closing.

“We maintain the choices we have to shop or do business with or receive a service from,” he said. “That’s a great value to communities our size. There is value to every business that we have.”

Thinking about the end is something Koppen said doesn’t come naturally for many people, but to maintain necessary business and service sectors having a plan can ensure stability.

It also ensures the community’s residents have options for shopping locally, whatever their needs may be.

“When we have a population that leaves our community to obtain services, a lot of times it’s because of lack of choices or not having a choice,” Koppen said. “Maintaining our businesses gives you a vital economy and community.”

Koppen said events such as these are a part of the mix they provide to best benefit Martin County’s business community.

“We work every day to try and facilitate good things for our community,” he said. “There’s a lot of different efforts [we have], workforce-related and other. Being able to bring educational events is part of that.”

Registration ends March 17. The event will be held from 5:30 to 7 p.m. on March 18 at the Southern Minnesota Educational Campus building in the downstairs meeting room. To register, visit www.bit.ly/mcbusinesssuccession.