When a small business owner opens up shop, the last thing he thinks of is who will take over the business. The reality is that at some point, he will want to retire or start a different business, and the planning to make that happen should have taken place long before then.

Beaufort County Community College is hosting “Succession Planning 101” to help area businesses plan for this transition. It is free and will take place Wednesday at 2 p.m. in Building 8.

This seminar will provide tips, tools and examples of world-class succession planning. Dr. Deb Mayo of N.C. State University’s Industry Expansion Solutions will teach how to identify critical positions that will be needed to support business continuity and select the competencies individuals will need to be successful in positions and to meet identified business challenges.

Participants will learn how to develop a pool of talent to step into critical positions, review potential position vacancies and capture the knowledge that individuals possess before departing the company.

“Unfortunately, many of the small businesses in Beaufort County have not developed succession plans,” said Lentz Stowe, director of the Small Business Center at BCCC. “Martyn Johnson (director of economic development for Beaufort County) has told us that there is a need for this training. This kind of planning is important to our local economy as a whole.”

“You don’t have to think of this in a negative light,” Stowe said. “If your business is doing well, you will want to pass it on to your children or one of your employees. This kind of planning ensures that the successful company you have built does not crumble when you exit.”

Interested participants should register by calling 252-940-6375 or emailing continuingeducation@beaufortccc.edu.