Planning for continuity

A wise friend once told me, “The only thing I can guarantee is change.” It stuck.

As we look at our community today—with a disappointment on Norris Avenue, promising development on the northwest side and, just beyond that, an uninvited guest—we see that change comes in many forms. Whether for better or worse, change can be discomforting. It is, however, our reality. The people—through civic leadership, philanthropy, and brick and mortar (or AstroTurf)—who are working hard to create new possibilities for the community should be thanked for making our disappointments more bearable.

Change is guaranteed, and time may be its most inescapable form. In Nebraska and across the Midwest, experts warn of a looming “silver tsunami”: many small-business owners are over 55 and intend to retire within a decade, yet lack defined exit plans. A failure to plan means essential services and consumer choices may vanish.

That doesn’t have to happen. Last weekend, I had a conversation with the owner of a downtown business who has set a firm retirement date and has planned the handoff to a successor.

Too often in rural America, the story is different. A business closes its doors simply because there is no successor lined up; no transition plan in place. Even when a plan exists, it doesn’t always take hold the first time. It’s worth repeating: transitions are hard work, and sometimes it takes a second effort to succeed.

That’s why the quiet success of ownership transition deserves attention. When a business keeps operating under new stewardship, it preserves jobs, retains the local tax base and sustains relationships built over decades. It also sustains community identity—the all-night diner, the appliance store and the bakery aren’t just businesses; sometimes, they’re landmarks.

Communities that treat succession planning as economic development gain an edge. One smaller Nebraska county, for example, has experimented with transition models—from family succession to employee-ownership trusts—to keep vital businesses open. They have been successful and count some 27 working continuity plans in place.

We may not be a perfect analogy in scale, but the lesson remains: whether a town counts a few thousand or ten thousand in population, the principle applies. Our region should champion continuity planning just as boldly as new business attraction.

Experts offer a few practical takeaways for business owners and community leaders who wish to begin the process:

—Begin early. A five-year horizon gives time to train the next generation, clean up the books, and enable a smoother handoff.

—Broaden the pool of successors. Family members are one path, but key employees, buyouts, or cooperative ownership may expand options.

—Embrace second efforts. A transition that doesn’t go perfectly the first time isn’t failure—it’s an opportunity to regroup and try again.

The business owner who plans ahead isn’t just arranging an economic exit—they’re preserving a legacy of service, community interaction and local pride. Each time one generation hands over the keys instead of locking the door, the town stays open for business—and for hope.

Let’s encourage more of that. Let’s make sure our region’s next handoff is seamless, confident and positioned for the future.

(The Nebraska Cooperative Development Center offers a helpful publication titled “Business Transition Models,” available at ncdc.unl.edu.)