SARANAC LAKE — The North Country Center for Businesses in Transition (CBIT), now in its second year, says it will again offer programs and resources to transitioning businesses in 2020. The CBIT is a collaboration of regional organizations and leaders whose goal is to support existing business owners and aspiring entrepreneurs in developing successful business-transition […]
SARANAC LAKE — The North Country Center for Businesses in Transition (CBIT), now in its second year, says it will again offer programs and resources to transitioning businesses in 2020.
The CBIT is a collaboration of regional organizations and leaders whose goal is to support existing business owners and aspiring entrepreneurs in developing successful business-transition strategies.
Following its annual gathering of lead partners and representatives at the Porcupine Inn in Saranac Lake on Jan. 17, CBIT announced an updated slate of community liaisons, topics for its 2020 workshop series, and other ways the group will expand its programming to meet the needs of those seeking its services.
In 2019, 88 North Country business owners reached out to CBIT for assistance, tapping into a network of “useful tools, learning opportunities, and knowledgeable professionals,” the Adirondack North Country Association (ANCA) said in a Jan. 28 news release.
“The Center for Businesses in Transition is making great strides in expanding economic opportunity across our region through its developed network of professional resources and services, connecting businesses and entrepreneurs,” Victoria Duley, executive director of the Adirondack Economic Development Corporation (AEDC), contended. The Saranac Lake–based AEDC joined the CBIT this year as a lead partner.
Community liaisons
More than 98 organizations and community leaders throughout the 14-county North Country region support the partnership, Danielle Delaini, business transition program coordinator at ANCA, said in the news release.
In 2020, 10 designated community liaisons will play a role to help navigate successful transitions through options including open-market sales, intergenerational family transitions, and conversions to worker-ownership models.
The center’s new and returning community liaisons include Kylie Peck, Greater Watertown-North Country Chamber of Commerce; Brittany Davis, Lewis County Economic Development; Mike Besaw, St. Lawrence County Chamber of Commerce;
Kelsey O’Shea, Cornell Cooperative Extension North Country Regional Ag Team; Russ Kinyon, Franklin County Industrial Development Agency; Christy Wilt and Rachelle Martz, Hamilton County Economic Development; Patrick Murphy, Saranac Lake Area Chamber of Commerce; Matthew Courtright and Erin Mullen, Ticonderoga Area Chamber of Commerce; Victoria Duley and Stephanie Donaldson of the AEDC join the project as a lead partners.
In addition, Angela Smith of the SUNY Canton Small Business Development Center (SBDC) at Clinton Community College and Carol Calabrese of the Essex County Industrial Development Agency are returning as lead partners for the second year of the initiative.
“Returning to the CBIT partnership for 2020 is important to the St. Lawrence County Chamber of Commerce,” Michael Besaw, assistant director of the St. Lawrence County Chamber of Commerce, said in the ANCA release. “Last year, we broke ground by sharing information and resources with our business community. In 2020 we look forward to meeting with more businesses and connecting them with experts who can aid in their transitions.”
Workshop series
The CBIT will host its second annual workshop series to address topics relevant to transitioning businesses. These six morning workshops, hosted by partner organizations throughout the region, are scheduled for April, May, and September of 2020.
Each of the workshops are scheduled between 8:00 a.m. and 10:30 a.m.
April 23: “Business Transitions Overview: Where Do You Start?,” hosted by Lewis County Economic Development/IDA
April 28: “Mentoring a New Owner: The First Year,” hosted by St. Lawrence County Chamber of Commerce
May 6: “From Hello to Key Transfer: Communicating During the Transition Process,” hosted by Ticonderoga Area Chamber of Commerce
May 7: “Marketing Your Available Business,” hosted by the Saranac Lake Area Chamber of Commerce and the County of Franklin Economic Development/IDA
Sept. 23: “Determining Value: Perspectives from Buyers and Sellers,” hosted by Hamilton County IDA
Sept. 24: “Your Best Possible Successor is Already Working for You,” hosted by Greater Watertown-North Country Chamber of Commerce
After receiving positive feedback about different participation opportunities offered in 2019, community liaisons will again offer remote viewing sessions for those who are unable to attend workshops in person. Workshops will also be recorded so that interested business owners can view them at their convenience and as needed in the future.
The CBIT will sponsor additional 2020 programming developed by regional partners, including a forum on strategic planning for small businesses, farm transitions and other topics related to business transitions and succession planning.
“In 2019, 56 percent of retiring business owners and 71 percent of aspiring entrepreneurs who reached out to CBIT are just starting their journeys,” said Delaini. “There is much work to be done. Transitioning a business takes an average of three to five years to complete, and there are many variables to work through.”
All materials developed by the partnership are available for other organizations to use to assist businesses. Economic-development staff who would like access to these tools are invited to contact the center. The partnership is also seeking co-working spaces and event partners to assist with workshops and other events.
North Country business owners looking to transition their operations to new owners or a new ownership model — along with aspiring entrepreneurs looking to take over an existing business — are invited to contact the center at transitions@adirondack.org or (518) 891-6200 for more information or to be connected with a community liaison.
Information about the center and its programs can be found at www.adirondack.org/businesses-in-transition.