Retaining and Transitioning Businesses in Communities : Strategies in a New Era

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.

Norman Walzer is professor of economics emeritus and founding director of the Illinois Institute for Rural Affairs, at Western Illinois University. He also is past president of the Community Development Society.

Christopher D. Merrett is dean for Innovation and Economic Development, director of the Illinois Institute for Rural Affairs, and program chair for the Master of Arts in Community and Economic Development at Western Illinois University.