Business transition workshop May 8 in Saranac Lake
Entrepreneurs share experiences about selling, purchasing local businesses
SARANAC LAKE — Local business owners, as well as business support professionals, will share their experiences with succession planning at an informational workshop and networking event presented by the North Country Center for Businesses in Transition.
The workshop, “Preparing to Sell Your Business,” is the second in a five-part series offered by the Center, a collaborative partnership led by the Adirondack North Country Association. The center’s partner organizations and community liaisons provide resources and networking opportunities for business owners looking to transition their operations to new owners or ownership models.
The event will take place at the Hotel Saranac from 8 to 10:30 a.m. Wednesday, May 8 and will be hosted by the County of Franklin Industrial Development Agency/Franklin County Local Development Corporation and moderated by Saranac Lake Area Chamber of Commerce Director Patrick Murphy.
Retiring business owners and entrepreneurs interested in taking over existing businesses are encouraged to participate. The workshop is free and open to the public.
“Carefully considered and planned transition strategies are essential for every business if we are to retain a healthy business community in the North Country,” said Russ Kinyon, director of economic development for the Franklin County Local Development Corporation. “Succession planning is good business and the only way to make sure you’ll have options when retirement time comes around.
“The center was formed to help with that planning by offering useful tools, resources and networking opportunities. We look forward to some good conversations around business sales and transitions in this workshop.”
Each workshop features invited panelists who will share their experiences with selling a business, taking over an existing enterprise or supporting small businesses through ownership transitions. Panelists for the May 8 workshop include Keith Braun, transitioning new owner of Mac’s Canoe Livery & Outfitter in Lake Clear; Brian McDonnell, owner of Mac’s Canoe Livery & Outfitter in Lake Clear; and Bill Walton, transitioning new owner of Cascade Inn in Lake Placid.
The workshop will also include a presentation by Certified Business Advisor Angela Smith of the SUNY Canton Small Business Development Center at Clinton Community College and Forrest Edwards, Senior Accountant for Alexander Edwards and Company, CPAs, P.C. about strategies for attracting the right buyer for maximum value. This portion of the workshop is designed for business owners who are planning to retire in the next five years. The presentation will focus on the sales cycle for local businesses, business valuation, tax considerations and legal documents required for business sales.
The Center is offering different ways to participate in the workshops, including in-person attendance and online viewing parties with partner organizations. Workshops will also be recorded so that interested participants can view them at their convenience and as needed in the future.
For more information, email firstname.lastname@example.org or call 518-891-6200. Information about the center’s workshop series and how to register can be found at www.adirondack.org/CBITWorkshopSeries.