There are countless stories – we read about them all the time – businesses are being purchased left and right. As entrepreneurs, sometimes time slips away. It seems like just yesterday that the business started, and now the thoughts of “How do I get out of the success that I’ve created?” or “How do I sell?” start coming to mind. In our BEAR Visits and Discussions, many of the region’s business owners mention that “it’s about time.” With this in mind, CEDC organized an intimate BEAR Lunch & Learn that approached the subject of succession planning realistically.
Staying abreast of these business owners as they transition out is an important proactive economic development strategy for the community. By being proactive, an economic development organization such as the CEDC can be on the front lines of meeting the new ownership group or introducing the business to a potential buyer, and they can even provide some mentoring and information during the sale or exit. The importance that these small business owners have on a community from the local ownership perspective is huge, so it is important that the new transition team of a business is fully versed on all attributes of the community in which they are making an investment in.
At the BEAR Lunch & Learn, Bob Oliver, owner of the ROC Group, pointed out something that really stuck out; you don’t have to own a business to have an exit plan. The important question to ask yourself is, “Why Exit?” Prepare now because you want to be ready for whatever comes next. If CEDC can help you in formulating these important questions, please don’t hesitate to reach out to us or be on the watch for future BEAR Lunch & Learns.