Succession planning a growing need as population ages

MANKATO — Retirement of baby boomers is a big topic in the business community as a shortage of workers makes it harder to find the next generation of employees.

But the aging population brings other big challenges, including creating a good succession plan to pass farms and business onto family members or key employees.

"Succession planning is a necessity. We're dealing with an aging population, and there have been a lot of changes in recent years where people do business differently. Farms have grown to very large operations where they have a lot of staff and may have an international reach," said Honey Burg, co-owner of TLP Co.

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