The Adirondack North Country Association (ANCA) is forming a Center for Businesses in Transition, which will assist interested retiring business owners in successfully preserving their businesses for future generations.
An announcement from ANCA said “more than 10,000 businesses throughout the Adirondack North Country are owned by Baby Boomers who will be looking to retire over the next several years… Without a transition plan in place, many of these businesses are in danger of closing, depriving their communities of employers as well as the vibrancy that helps our towns and villages thrive.”
“We’re calling it a center,” said ANCA Executive Director Kate Fish, “but it won’t be housed in one location. Our region is so large, our staff will be on the road, using technology and collaborating with other organizations to bring targeted assistance to communities across northern New York.”
According to Fish, ANCA is seeking funding to formally “open” the Center later in 2018. The Center hopes to address the loss of businesses by providing matchmaking services with potential buyers, access to planning tools and connection with existing services. The goal is to help owners sell their businesses on the open market, complete inter-generational family transitions or convert to an employee-owned or cooperative model. According to Fish, a key objective will be to engage business owners in planning their transition anywhere from three to five years before they retire.
For more information about this initiative contact Jacob Vennie-Vollrath or Danielle Delaini at [email protected] or call (518) 891-6200.
Photo of North Country Creamery owners Ashlee Kleinhammer and Steven Googin courtesy Tom Semeraro.