Retiring business owners and entrepreneurs interested in taking over existing businesses are encouraged to participate in a free public event May 8th at the Hotel Saranac in Saranac Lake.
Local business owners, as well as business support professionals, are set to share their experiences with succession planning at the informational workshop and networking event presented by the North Country Center for Businesses in Transition from 8 to 10:30 am.
The workshop, “Preparing to Sell Your Business,” is the second in a five-part series offered by the Center, a collaborative being led by the Adirondack North Country Association (ANCA). The Center’s partner organizations and community liaisons provide resources and networking opportunities for business owners looking to transition their operations to new owners or ownership models.
Each workshop features invited panelists who will share their experiences with selling a business, taking over an existing enterprise or supporting small businesses through ownership transitions.
Panelists for the May 8 workshop include Keith Braun, transitioning new owner of Mac’s Canoe Livery & Outfitter in Lake Clear; Brian McDonnell, current owner of Mac’s; and Bill Walton, transitioning new owner of Cascade Inn in Lake Placid. Walton will share his own experience of purchasing Cascade Inn from his friend Joe Warren.
The workshop will also include a presentation by Certified Business Advisor Angela Smith of the SUNY Canton Small Business Development Center at Clinton Community College and Forrest Edwards, Senior Accountant for Alexander Edwards and Company, CPAs, P.C. about strategies for attracting the right buyer for maximum value. This portion of the workshop is designed for business owners who are planning to retire in the next five years. The presentation will focus on the sales cycle for local businesses, business valuation, tax considerations and legal documents required for business sales.
The Center is offering different ways to participate in the workshops, including in-person attendance and online viewing parties with partner organizations. Workshops will also be recorded so that interested participants can view them at their convenience and as needed in the future.
Three upcoming monthly workshops include the following:
June 5, 2019: “Transitioning to Worker Ownership,” hosted by Hamilton County IDA at the Adirondack Experience museum in Blue Mountain Lake.
July 10, 2019: “Intergenerational Family Transitions, Creative Solutions and Alternative Structures,” hosted by the St. Lawrence County Chamber of Commerce at Anchorspace in Potsdam.
August 21, 2019: “Entrepreneurs: Taking Over an Existing Business,” hosted by Lewis County Economic Development and IDA at their Center for Business office in Lowville.
For more information or to be connected with a community liaison, North Country business owners and aspiring entrepreneurs are invited to contact the Center at ANCA’s office at [email protected] or (518) 891-6200 Information about the Center’s workshop series and how to register can be found here.
Photo of Bill Walton, owner of Experience Outdoors in Lake Placid provided.