Regional Ctr. for Businesses in Transition helping retiring North Country business owners find successors
Here in the North Country, over 10,000 business owners are nearing retirement, and new owners are hard to find, according to the Adirondack North Country Center for Businesses in Transition.
The Adirondack North Country Center for Businesses in Transition is a collaboration of regional organizations and leaders whose goal is to support existing business owners and aspiring entrepreneurs to develop business transition strategies.North Country business owners looking to transition their operations to new owners or a new ownership model, as well as aspiring entrepreneurs looking to take over an existing business, are invited to contact the center.
“I like to think of this program as an organic movement towards collaborative problem solving,” said Danielle Delaini, ANCA’s Business Transition Program Coordinator. “We’re tackling a national issue with a regional approach. The talent and expertise represented within this partnership will provide outreach and education strategies that are appropriate for North Country businesses.”
According to Delaini, over 50 organizations and community leaders are supporting the partnership throughout the 14-county North Country region. Eight designated “community liaisons” will play a crucial role in supporting successful transitions including the following options: selling on the open market, intergenerational family transitions, and conversions to a worker ownership model.
"In St. Lawrence County, we have witnessed a number of favorite local businesses close their doors due to the absence of a new owner or transition strategy,” said Mike Besaw, assistant director of the St. Lawrence County Chamber of Commerce. “The Center for Businesses in Transition will provide businesses looking to retire or transition with the support and resources to explore options, making sure they have enough time for succession training and transition.”
Angela Smith of the SUNY Canton Small Business Development Corporation (SBDC) at Clinton Community College is a lead partner for the center and will leverage the SBDC’s research tools and expertise in order to strengthen the initiative’s efforts across the region.
Following its first gathering of lead partners and representatives at the Adirondack North Country Association (ANCA) office in Saranac Lake Jan. 14, the center announced a slate of community liaisons, a monthly workshop series and other ways the group will share insights, skills and resources to assist local businesses in transition.