Three businesses in Franklin County are remaining “active in their communities for years to come” with the involvement of young entrepreneurs and local economic-development organizations. The businesses are Little Town Lanes and Martin’s Handmade Pretzels in Moira and Happy Camping RV in Vermontville. The Franklin County Economic Development Corp. (FCEDC) worked with the new owners of the […]
Three businesses in Franklin County are remaining “active in their communities for years to come” with the involvement of young entrepreneurs and local economic-development organizations.
The businesses are Little Town Lanes and Martin’s Handmade Pretzels in Moira and Happy Camping RV in Vermontville.
The Franklin County Economic Development Corp. (FCEDC) worked with the new owners of the three businesses to develop customized plans that met “their business transition and financing needs.”
FCEDC is a partner organization of the North Country Center for Businesses in Transition (CBIT), which is a program of the Adirondack North Country Association (ANCA), according to an ANCA news release.
CBIT noted that younger entrepreneurs are “often unable to access” the capital they need to purchase an existing business.
“We are honored to support the next generation of business leaders in Franklin County,” Russ Kinyon, director of economic development at FCEDC, said. “These entrepreneurs bring valuable experience and energy to our local businesses and the communities they serve. We’re excited to see how they shape and grow these businesses into the future.”
An estimated 10,000 to 16,000 businesses in New York’s North Country region are expected to close or change hands in the next decade as their owners enter retirement, ANCA said.
Helping the transitions
Over the last three years, Kinyon and Jeremy Evans, FCEDC’s CEO, have been working with business owners to identify and address their financing needs. The agency has expanded its existing gap-lending programs to offer more flexible terms and specialized services for entrepreneurs.
“In our work connecting retiring business owners with possible successors, we find again and again that access to capital is a major hurdle when purchasing an existing business, even when the interested buyer is an employee who is well positioned to take over,” Danielle Delaini, ANCA’s entrepreneurial program director, said. “Russ and Jeremy’s work with these young entrepreneurs has been instrumental in making these transitions possible.”
For example, Max and Veronica Nason had been working at Happy Camping RV in Vermontville for six years when they learned of the opportunity to purchase the business.
“Going through the usual avenues to secure funding to buy was a huge challenge. We are younger, and no banks wanted to take us on with a reasonable offer that would put us in a good position,” Max Nason said. “Russ and Jeremy were extremely knowledgeable, and they were rooting for us throughout the entire process. They saw our vision to not only purchase the business, but also to build a new service garage and expand. They worked hard to help us secure the funding we needed.”
As for Jeremy Bonville, he spent “countless hours” bowling at the local alley in Moira as a child, and he eventually went on to join the venue’s staff. When his employers announced they were ready to retire two years ago, he began the process of purchasing and renovating Little Town Lanes.
“This has been a huge improvement for the business. The lanes had the same look for 20 years, so it was a major change,” Bonville said, noting the updates will allow the venue to support more special events and bowling competitions. “We hope to continue to grow the business and provide our community with a safe place to have fun with friends and family.”
In addition, Martin’s Handmade Pretzels in Moira changed hands last year when Josiah Martin purchased his grandparents’ pretzel bakery with help from his father, Justus. The family business has been in operation since 1935 and in 2019 relocated from Theresa in Jefferson County to western Franklin County.
After a fire in 2020 heavily damaged the bakery and country store, Martin’s completed a major renovation and reopened in December 2021.
The business aims to employ at least 12 staff members who will make “hundreds of thousands” of pretzels every year to be sold locally and at established markets in New York City and across the country, ANCA said.
FCEDC partners assisted Martin throughout the transition process with referrals to regional resources, connections to stakeholders, and support promoting the new business.
“For me and my family, the ability to do what we love and share it with others is a legacy we all want to be part of,” Martin said. “Personally, it is very fulfilling to be back in operation and continue the family tradition for another generation.”
Available assistance
Besides FCEDC, other CBIT organizations that offer flexible loan services for transitioning businesses include the Adirondack Economic Development Corporation, Essex County Industrial Development Corporation, Hamilton County Economic Development, and Lewis County Economic Development.
CBIT is planning its second Small Communities. Big Opportunities conference in February 2023. The event will provide business owners and potential buyers opportunities to connect with each other and learn from experts and business owners who have been through the transition process.
In 2022, CBIT will continue its Plan for the Future workshop series and Sellers Working Group and offer a new Train-the-Trainer Program that provides staff from economic-development organizations, chambers of commerce, and nonprofits with skills to support owners who are preparing for succession.
CBIT was established by ANCA in 2018 with grant funding from the Northern Regional Border Commission and is currently partially funded by a grant from the United States Department of Agriculture’s Rural Community Development Initiative, per the ANCA release.