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Full Description
This edited collection presents successful business succession planning in smaller rural communities where profit margins are low, markets are shrinking, and there are few potential buyers. Finding innovative ways to successfully transition these businesses to new owners is at the heart of community and economic development efforts if many of these communities are to thrive in the future. Chapters outline options for successfully transitioning businesses that have worked in Canada, England, and the U.S. The book explores a variety of alternative approaches to transitioning small businesses to new owners using a different ownership model. A common theme running through these approaches is that employees and/or members of the community are engaged in working with or possibly owning the business in some cases. The book's discussions are not prescriptive, recommending specific models or strategies. Instead, they provide valuable insights into viable alternatives and suggest additional resource materials. This book is essential for academics, policymakers, and practitioners working on community and economic development issues, especially in areas with aging populations.
Contents
1. Retaining and Transitioning Businesses: Overview of Issues 2. On the Brink of Business Transition in the U.S.: Trends, Challenges, and Opportunities 3. Traditional Business Succession Planning: Effectiveness, Limitations, and Innovative Practices 4. Employee Ownership in Succession Planning 5. Using an Employee Stock Ownership Plan for Business Transition 6. Utilizing Purpose Trusts for Rural Succession and Community Resilience 7. Employee Ownership Trusts in the U.K. 8. Retaining Businesses Using Community-Supported Enterprises 9. Creating Rural Worker Cooperatives in Iowa 10. Buying Private Businesses in a Single Vertical: A New Approach to Rural Investment 11. Capital-Driven Business Succession: Main Street Approach
