What is REGENER8?
Did you know…it can take three to five years to prepare your business to be ready for a successful transition? Even if transitioning seems like a distant consideration, it might be a good idea to learn about some of the resources available in the region.
Why are we doing this work?
BDCC is the region’s economic development organization. Our work is broad and ranges from programs in the high schools connecting students with careers paths to startup programming. Our job is to look for vulnerabilities in the regional economy – we’ve seen this one coming. According to Vermont’s Department of Labor’s data (VTLMI.com) in are region we have 1,872 establishments with 18,412 employees. 30% of the population is 60+ and that means approximately ~562 private companies at risk, with 5,524 jobs at risk. We value every job; therefore, work needs to be done to help preserve these businesses.
- Awareness – Through a series of workshops we will help both buyers and sellers understand the financial, legal, organizational, and human considerations around business transitions. We will also explore the different ways a business can be transitioned. Regional and State resource providers will be introduced so that businesses will know where to go for specific needs.
- Technical – Depending on how a business decides to transition, a variety of activities and work needs to be done. REGENER8 will either directly provided that assistance or connect businesses with an appropriate resource provider.
- Connecting – REGENER8 will attempt to connect vetted buyers with interested sellers.
- Acceleration – Businesses that have a longer timeline, it might be appropriate to growth the company deliberately with a transition in mind. REGENER8 will connect with other BDCC programming such as INSTIG8 to help businesses through this process.
As the program develops, more information will be posted in this section specific to business transitions. To start, BDCC’s resource page has a good number of providers already listed: https://brattleborodevelopment.com/vermont-business-resources/.
This is really important! Businesses need to register the program to engage in any of the activities. We need to be able to provide to our funder (USDA) the impact of this work.