Businesses In Transition
Every other week for the next few months, our posts will be focused on business transitions and succession planning.
Across the country in all rural regions, an aging workforce and declining population is a trend that merits much attention. Nationally, 51% of business owners are 55 or older, (https://www.census.gov/library/visualizations/2020/comm/business-owners-ages.html). Vermont trends higher and Windham County even higher.
Source: 2015-2019 American Community Survey 5-year Estimates
Source: 2015-2019 American Community Survey 5-year Estimates
Declining population in Windham County. (Source: U.S. Census, county population totals 2010-2019)
This data indicates that there is a great need as well as opportunity to cultivate a younger generation of entrepreneurs by preparing them to transition into an existing business or to start their own.
The spirit of entrepreneurship and creativity is emblematic of the generation commonly known as “baby boomers”. Boomers were born between 1946 and 1964. They created many great businesses here in the region – businesses that provide jobs and represent Vermont values – and they should be celebrated. Those businesses are assets! It takes much more effort to build something from scratch than it does to take over a business that’s already up and running. Some might argue that it’s simply more efficient to keep a business going. When a business continues under new ownership it means a new entrepreneurial opportunity for those owners. In many cases it also means continuing to provide valued services or goods to local customers and jobs for local workers.
Our role at BDCC is to help buyers, sellers, or potentially both navigate the process of transitioning a business. Sometimes, it’s direct assistance, and other times, we ask some of our partners to help. And that’s a great place to start!
We have created a list of providers below that are here to help you with your goals.
BDCC has partnered with both VEOC and Country Business to provide succession plannings and trainings.
VEOC (state-wide resource) – Vermont Employee Ownership Center
https://community-wealth.org/content/vermont-employee-ownership-center-veoc
VEOC specializes in business transitions that lead to employee ownership.
Business Brokers – Country Business, Inc.
http://countrybusiness.net/index.php/brattleboro-vt-office/ Phone: 802-254-4504
Country Business has offices in Brattleboro.
VEDA (state-wide resource for business financing)
Windham Region Resources:
VtSBDC – (Business Counseling)
Local Banks:
Brattleboro Savings and Loan
Link to commercial lending: https://www.brattbank.com/commercial-loans-lines.htm
Phone: 802-275-3984
Peoples’ United Bank
Link to commercial lending: https://www.peoples.com/business/small-business/loans
Phone: 800-772-1090
Key Bank
Link to commercial lending: https://www.key.com/small-business/index.jsp
Phone: 888-539-4249
TD Bank
Link to commercial lending: https://www.td.com/us/en/small-business/loans-lines-of-credit/
Phone: 802-254-8711
VSECU
Link to commercial lending:https://www.vsecu.com/financial/business-loans/loans
Phone: 800-371-5162
Town Revolving Loan Programs
- Gary Fox – Rockingham
- Town of Brattleboro
- Town of Wilmington
- Town of Dover
- BDCC
Other mission-based lenders
- Vermont Community Loan Fund
- Community Capital of Vermont
- Link: https://www.communitycapitalvt.org/
Attorneys
- Phillips, Dunn, Shriver & Carroll, P.C
- Link: http://www.pdsclaw.com/
- Phone: 802-257-7244
- Massucco & Stern, P.C.
- Link: https://massuccoandstern.com/
- Phone: 802-463-3303
- Costello, Valente & Gentry, P.C.
- Link: https://www.cvglawoffice.com/
- Phone: 802-257-5533
Accountants
- Downeycpa
- Link: http://www.downeycpa.com/home.html
- Phone: 802-257-1307
- John McCluskey
- Phone: 802-464-0551
Bookkeeping
- Arc Bookkeeping
- Link: https://www.bookkeepingarc.com/
- Phone: 802-380-7943
- Accounting Systems Design
- Link: http://accountingsystemsdesign.com/
- 802-246-2500
- Tobey Brook Bookkeeping
- Phone: 802-368-7292
- Green Mountain Bookkeeping
- Phone: 303-620-6253
- Daigler Susan – CPA
- Phone: 802-257-4200
- Mount Kilburn Business Services
- https://www.mtkilburn.com/
- (802) 722-9837
Private Advisors
- Creatin’ Business
- Link: https://creatinbusiness.business.site/
- Phone: 802-221-0536
- B1Advisors
- Link: https://www.b1advisors.com/
- Phone: 802-295-3279
- Jim Verzino
- https://www.jimverzino.com/
- 617-669-2125
For more resources, please follow the link below, then select Brattleboro Development Credit Corporation from the region drop-down list
Link: https://www.vermonteconomicdevelopment.com/vendorstat
We are constantly looking for quality services providers, if we’ve missed you, please let us know, Eyad Salha, esalha@brattleborodevelopment.com.
BDCC has helped several businesses in the region transition. If you are eager to learn more, please start here: http://bit.ly/bdcc-intake.
