Creating a Legacy-Preparing Your Business for Succession

  • Format: online
This self-paced course consisting of 3 modules, each less than 15 minutes long, will help the student understand the challenges of preparing to transition their business to a new owner when they decide it is time to leave. The transition process is divided into four phases, each with several steps. Work sheets for each step along with a reference guide are provided. Questions can be answered and follow-on assistance provided by contacting the nearest Small Business Development Center.
Small Business Development Centers

Creating a Legacy-Preparing Your Business for Succession

Course Developer

The course developer is a Business Development Field Specialist with the University of Missouri Extension's Small Business Development Center (SBDC).  The SBDC is a network of centers located throughout the state on University of Missouri campuses and facilities, and on the campuses of other state universities.  Each center provides counseling, coaching, training, and specialized services for start-up and existing businesses.  If you have questions on the course's content, contact the center most convenient to your location.  Our centers can be found at www.missourisbdc.org. Click on the local help icon for a listing of centers and contact information.

Course Description

The purpose of course is strictly to provide information and knowledge. There are no prerequisite knowledge and competencies.

At some point every business owner will leave their business.  This course explains the reality of business succession and what needs to be done to prepare for, find and transition the business to  a new owner.  The course consists of three modules, none longer than 15 minutes.  Each of the 12 steps within the four phases of succession are addressed.  Worksheets for each step along with a reference guide are provided. Questions can be answered and follow-on assistance provided by contacting the nearest Small Business Development Center.

If you must leave the course and return later, click on Modules in the course navigation menu on the left of your screen.  The last bold face item with a Check-1.PNG is where you left off, the bold face item with a  is where to start.

Course Objectives

Introduce how to transition a business to a new owner including:

  • Options to exit
  • Phases of transitioning a business
  • The importance of planning
  • The time needed for a successful succession
  • Rule of thumb business valuations
  • The need to seek professional assistance

Course Organization

All three modules are delivered in a lecture format using videos.  

Assessment and Grading

The course is ungraded.  Worksheets for each step of the process are provided for the students to use as they desire.  There is a short post course survey.

Textbook and Reading Materials

Copies are each module’s slides, speaker notes and worksheets notes are available for download.  A reference guide and example income statement and balance sheet are also provided.  No other materials needed.

Course Completion

A course completion certificate is provided with the submission of the training registration form, completion of all seven modules and the submission of the course satisfaction survey.  

Technical Requirements

See our Getting Started page for short tutorial videos to provide an overview of Canvas.   When accessing your Canvas course from your mobile device, DO NOT use the Canvas Student App.

Access your course from your MU Extension account. For the best user experience, we recommend using Google Chrome (70/71) as your browser (Safari 12.0.3 for Macintosh only).

If you don't have Google Chrome installed on your computer, download  the latest version.

Already using Google Chrome but not sure what version?  Simply select the three vertical dots in your browser menu, Help, and then About Google Chrome. That's it!  If there is a newer version available, Chrome will automatically update. 

You can find more information on the technical requirements on the Canvas website.

For technical questions or issues, please contact Customer Support.

Accommodations

If you need special accommodations because of a disability, or if you need materials in an alternative format, please inform your instructor or contact Customer Support.

You can find more information on the technical requirements on the Canvas website.

For technical questions or issues, please contact Customer Support.

 

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Extension resources