Innovative Practices in Business Succession and Transition
In many areas, especially rural communities, long-standing businesses including grocery stores, restaurants, etc. are closing in increasing numbers when owners reach or are nearing retirement age without local heirs interested in continuing the business. Often, a business has no succession plan, and some are too small to consider an ESOP or other employee ownership process. When the business goes on the market, the volume or rate of return is too small to attract private investment, so it closes. In some cases, residents pool funds to hire a manager and reopen to operate it. Examples are available in N. Walzer, Community Owned Businesses Around the World….. published by Routledge (2022).
Other innovative approaches to transitioning businesses include Redefine Retirement (RedTire) at University of Kansas and Goodworks Evergreen where a third party such as a university or non-profit works with business owners to make the operation more profitable and then resell to a new buyer. These types of 3rd party interventions are becoming more common, and practitioners need information about how they function and their success.
This Call for Research is to commission chapters for an edited book on innovative strategies used around the world to transition businesses to new owners. Each chapter (30-35 double-space pages inclusive) will describe processes used, theoretical underpinnings, and successes, outcomes, or limitations in practice. The analyses should go beyond simple case studies so that readers can determine whether, or how, the process can be replicated in their communities.
Proposals (750 words) for chapters on innovative transitioning approaches should be sent to: Norman Walzer (firstname.lastname@example.org) prior to May 15, 2023, for full consideration. Completed chapters will be due by December 31, 2023, to be refereed and edited prior to publication. Successful authors will receive a stipend. Chapters submitted may also be considered for a future issue of Local Development and Society plannedto contain several articles on this theme.