The Nexus Business Legacy Program aims to support business owners that are seeking assistance with succession planning. The goal is to provide additional pro bono services and funding, on top of our regular services, for businesses in need.
The Business Legacy Program is composed of 3 levels of business support:
Business grants of up to $10,000
Grants are available on a limited basis to businesses considering a transition to employee ownership. This can cover a financial analysis, legal engagements, accounting, transactional costs, and bridge funding.
Pro bono consulting on succession planning
We help businesses explore succession planning and restructuring options provided by employee-ownership. This can be done to gain liquidity and employee buy-in, or for the owner to sell and exit the business. The transition is customized to support the owner’s transition goals.
Technical assistance for business continuity
While a conversion to employee-ownership is being explored, technical assistance is offered to maintain business operations. This could range from helping obtain emergency funds, to financial coaching, to assisting with the creation of an updated business plan.
The Business Legacy Program is for businesses that have the following criteria:
- Over 5 employees, a majority of whom are black, indigenous, and people of color (BIPOC).
- Located in Minnesota
- In operation for a year or more