(ABC 6 News) — A new report form the Center for Rural Policy and Development is showing the unique challenges that rural business owners face in Minnesota.

These small businesses often employ a large portion of the community, but many do not have plans for the future.

With many current owners preparing to retire, more than 52,000 businesses across the state are expected to change hands in the next 10 years. The report suggests that 53% of Minnesota business owners are over the age of 55, signaling a “silver tsunami” of transitions ahead.

In total, these businesses represent roughly 600,000 employees, $124 billion in revenue, and $24 billion in payroll.

Meanwhile, only 19% of business owners have a written succession or exit plan, leaving many unprepared for the transition.

These transitions face high stakes as well with the report showing that approximately 70% of business sales fail on the first attempt.

Despite some of the barriers, the report found rural Minnesota is set for success with the right resources and planning.

“Small businesses are the backbone of rural communities, providing critical goods, services, and jobs,” said Julie Tesch, President & CEO of the Center for Rural Policy & Development, via a press release. “Ensuring successful transitions not only preserves the economic vitality of these communities but also secures the legacy of the owners who built them.”