Minnsights Blog

Part of what makes the Minnesota Chamber unique is its amazing group of volunteer business leaders that serve on the Chamber's Board of Directors. As representatives of our membership, Board members are chosen because of their active participation in the Minnesota Chamber of Commerce, their business experience, involvement in civic affairs, and/or their commitment to helping shape public policy to ensure Minnesota’s economic competitiveness.

Business succession and transition mark key points in a business’ life and the owner’s life. While representing a new era, business succession and transition (BST) requires significant effort and change from everyone involved. BST planning can help ensure long-term, sustainable success and a smooth exit for the owner.  

Trade is a fundamental driver of Minnesota’s economy. Our state has a long history of developing innovative products and bringing them to markets around the world. In 2024, Minnesota’s exports topped $30 billion — accounting for more than 6% of the state’s GDP and supporting an estimated 750,000 jobs. Minnesota companies also depend on access to global supply chains, particularly for critical inputs that aren’t easily grown, extracted or produced domestically.

It’s been an interesting week, with some whiplash around tariffs and ongoing trade challenges with our global partners. The pause this week by President Trump comes as a bit of a relief, but the broader conversation around trade and tariffs will certainly continue.

Last spring, the Minnesota Chamber Foundation’s Grow Minnesota! program surveyed businesses across the state to better understand the factors driving expansion and investment activities. The 2024 State of business retention and expansion report found that Minnesota faces economic headwinds shared by the entire country such as interest rates and inflation, but the state also faces unique difficulties like an exceptionally tight labor market and a challenging business climate. Over time these factors will slow growth, but the report points out that we can capitalize on our opportunities and leverage our strengths to improve productivity and spur innovation.