Without a transition plan in place, many of our region's businesses are in danger of closing, depriving their communities of employers as well as the vibrancy that helps our towns and villages thrive.
- Kate Fish, Executive Director, ANCA
The Adirondack North Country Center for Businesses in Transition addresses the loss of area businesses by providing matchmaking services with potential buyers, access to planning tools and connection with existing services.
The Center is a dynamic partnership between regional organizations and individuals invested in the retention of local businesses and the future of our communities.The goal is to help owners sell their businesses on the open market, complete intergenerational family transitions or convert to an employee-owned or cooperative model.
You are a business owner looking to retire or transfer ownership and you need assistance:
Or if you are an aspiring entrepreneur looking to:
Although we call it a Center, it is not housed in one location. The Center is staffed with a full-time coordinator at ANCA's central office & part-time outreach liaisons throughout the region dedicated to increasing the number of successful transitions.
Community Outreach Liaisons are on the road, using technology & collaborating with other organizations to bring assistance to communities across northern NY. These individuals have been chosen for their understanding of area business and involvement in their communities. They share co-working space with chambers & economic development agencies throughout the region; ensuring the sharing of resources, information & objectives. The Center’s community liaisons include the following regional representatives:
St. Lawrence County Chamber of Commerce
Matthew Courtright and Molly Bechard Ticonderoga Area Chamber of Commerce
Lewis County Industrial Development Agency (IDA)
Franklin County Local Development Corporation and County of Franklin IDA
Cornell Cooperative Extension and the North Country Regional Ag Team
Christy Wilt and RaChelle Martz
Hamilton County Economic Development & Tourism and Hamilton County IDA.
More than 10,000 businesses in the Adirondack North Country are owned by Baby Boomers looking to retire over the next several years in the so-called “silver tsunami.” It is more than likely that most of these business owners do not have a transition plan. Nationally, while more than 1/2 of small business owners expect to retire in the next 10 years, fewer than 15% have an exit plan in place - despite the fact that 78% of small business owners intend to sell their businesses to fund retirement.
Those looking to create a plan, retire or transfer ownership have difficulty:
Finding suitable successors
Navigating available resources
Many businesses are unfamiliar with solutions such as employee ownership, particularly in the form of worker cooperatives. Worker Cooperatives provide a means through which a business may be transferred to individuals who are already invested in its success, keeping the business and jobs local.
ANCA & a network of public, private & nonprofit partners has establish the North Country Center for Businesses in Transition. No comprehensive program existed in our region to provide infrastructure & fill these gaps... until now.
Check back soon for a portfolio of available resources for businesses in transition.
The Center for Businesses in Transition will host a monthly workshop series that covers topics relevant for transitioning businesses.
The morning workshops, scheduled for the first or second Wednesday of each month from April through August, will be hosted by partner organizations throughout the region. For those who are unable to attend workshops in person, community liaisons will offer online viewing opportunities at other locations around the North Country. Workshops will also be recorded so that interested business owners will be able to view them at their convenience and as needed in the future.
Please contact us for more details about participating wherever you may be. We hope that you will be able to join us. Registration for these events will be opening soon.
April 3: Business Transitions: Overview
Hosted by: Ticonderoga Area Chamber of Commerce
May 8 (2nd Wed.): Preparing to Sell Your Business
Hosted By: Franklin County Local Development Corporation and County of Franklin IDA
June 5: Transitioning to Worker Ownership
Hosted By: Hamilton County Economic Development & Tourism and Hamilton County IDA
July 10 (2nd Wed.): Intergenerational Family Transitions, Creative Solutions and Alternative Structures
Hosted By: St. Lawrence County Chamber of Commerce
August 7: Aspiring Entrepreneurs: Taking over an Existing Business
Hosted By: Lewis County Industrial Development Agency (IDA)
In the year ahead, the Center will also be sponsoring additional programming which will be developed by regional partners and include half-day workshops on business valuation, farm transitions and other topics related to business transitions and succession planning. Check back for details.
The Center for Businesses in Transition will benefit greatly from bipartisan legislation recently announced by Senator Kirsten Gillibrand (D- NY) at ANCA’s Saranac Lake office. The Main Street Employee Ownership Act will improve access to capital and supply technical assistance to businesses seeking this type of transition. Focus on employee ownership is growing nationally, as data shows these types of businesses pay their employees more, are more productive and supply greater stability.
For more information about this initiative contact Jacob Vennie-Vollrath or Danielle Delaini at email@example.com or (518) 891-6200.