Without a transition plan in place, many of our region's businesses are in danger of closing, depriving their communities of employers as well as the vibrancy that helps our towns and villages thrive.
- Kate Fish, Executive Director, ANCA
The Adirondack North Country Center for Businesses in Transition addresses the loss of area businesses by providing matchmaking services with potential buyers, access to planning tools and connection with existing services.
Although we call it a Center, it is a dynamic evolving partnership between regional organizations and individuals invested in the retention and future of our businesses and communities. The goal is to help owners sell their businesses on the open market, complete intergenerational family transitions or convert to an employee-owned or cooperative model.
More than 10,000 businesses in the Adirondack North Country are owned by Baby Boomers looking to retire over the next several years in the so-called “silver tsunami.” It is more than likely that most of these business owners do not have a transition plan. Nationally, while more than 1/2 of small business owners expect to retire in the next 10 years, fewer than 15% have an exit plan in place - despite the fact that 78% of small business owners intend to sell their businesses to fund retirement.
Those looking to create a plan, retire or transfer ownership have difficulty:
Finding suitable successors
Navigating available resources
Many businesses are unfamiliar with solutions such as employee ownership, particularly in the form of worker cooperatives. Worker Cooperatives provide a means through which a business may be transferred to individuals who are already invested in its success, keeping the business and jobs local.
ANCA & a network of public, private & nonprofit partners has establish the North Country Center for Businesses in Transition. No comprehensive program existed in our region to provide infrastructure & fill these gaps... until now.
Although we call it a Center, it is not housed in one location. The Center is staffed with a full-time coordinator at ANCA's central office & part-time outreach liaisons throughout the region dedicated to increasing the number of successful transitions.
Community Outreach Liaisons are on the road, using technology & collaborating with other organizations to bring assistance to communities across northern NY. These individuals have been chosen for their understanding of area business and involvement in their communities. They share co-working space with chambers & economic development agencies throughout the region; ensuring the sharing of resources, information & objectives.
The Center for Businesses in Transition will benefit greatly from bipartisan legislation recently announced by Senator Kirsten Gillibrand (D- NY) at ANCA’s Saranac Lake office. The Main Street Employee Ownership Act will improve access to capital and supply technical assistance to businesses seeking this type of transition. Focus on employee ownership is growing nationally, as data shows these types of businesses pay their employees more, are more productive and supply greater stability.
You are a business owner looking to retire or transfer ownership and you need assistance:
Whether you are a business looking to sell on the open market, complete an intergenerational family transition, convert to employee ownership or you don’t know where to even begin, the Center would like to hear from you. Please fill out the initial inquiry form linked here. It should take approximately 5 minutes.
Or if you are an aspiring entrepreneur looking to:
All services will be available on a first-come, first served basis by region and dependent on organizational capacity. By completing the initial inquiry forms, we will hold your place as a priority contact when the Center is able to officially launch in early 2019.
Check back soon for a portfolio of available resources for businesses in transition.
For more information about this initiative contact Jacob Vennie-Vollrath or Danielle Delaini at email@example.com or (518) 891-6200.