Planning for the future of local businesses starts with an exit plan.
More than 200,000 small business owners throughout New England and New York State are planning to retire in the next few years.
The largest avoidable source of job loss is from business closings due to owner retirement.
Only 20% of business owners say they have a plan for what to do with their businesses when they retire.
Only 20% of business listings ever sell.
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, BDCC can support business owners with an exit planning process, support aspiring entrepreneurs in their journey to take over a business and provide pathways for sufficient capital and financing options that make it possible for potential buyers to acquire rural businesses.
How does the BDCC support businesses in transition?
- Awareness – Through a series of local strategies, programs and workshops we 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. Knowledgeable BDCC staff can directly provide that assistance or connect businesses with an appropriate resource provider.
- Connecting – BDCC is committed to increasing the pool of qualified and interested buyers in the region; we are working on regional strategies to promote local business opportunities and increase opportunities for connection between buyers and sellers
- Acceleration – Businesses that have a longer timeline, it might be appropriate to growth the company deliberately with a transition in mind. BDCC is here to support businesses as they think long term through our comprehensive programming.
- Cooperative Development –Sometimes the best option is right under your nose. Employees know the business, know the customers and know the processes. With some training and business education, they could be your best bet to transitioning the business. There are a number of employee-ownership models to choose from and the BDCC is actively supporting business transitions to cooperative models in close partnership with the The Vermont Employee Ownership Center (VEOC).
If you’re thinking about selling your business or transitioning to employee ownership, you
need to attend this free, 3-part Sellers’ Working Group. Co-hosted by BDCC and the VEOC,
the series is intended to help small business owners navigate the sale/transition while
avoiding critical mistakes.
These sessions will help you:
– Understand the various steps of selling or transitioning your business.
– Learn about available resources to establish a rule-of-thumb valuation for your business.
– Create a sell sheet and learn how get the word out.
– Understand financing options for your buyer or employees.
SPACE IS LIMITED: Priority will be given to those who commit to attending all three sessions.
WHEN:
JANUARY 29
FEBRUARY 5
FEBRUARY 12
12:00-2:00pm
WHERE:
BDCC Offices
76 Cotton Mill Hill
Brattleboro INSTIG8 Room
CAN’T MAKE THESE IN-PERSON SESSIONS?
The series will be offered again virtually, April 23, 30 & May 7. You can register for those sessions at the link below as well!