Finding a successor for small businesses

LAWRENCE (KSNT) – A retirement program from the University of Kansas Business School is making it easier for small business owners to find a successor when they are ready to retire.

RedTire is short for re-directing your retirement. More than 100 companies have signed up seeking successors. One woman in Junction City bought her veterinarian clinic through the program.

“Veterinary medicine is very much a business, it’s about dealing with people as well as dealing with animals,” Dr. Julie Ebert Owner of Flint Hills Veterinary Clinic said.

The doctor bought her clinic from Dr. Casey Thomas five months ago.

She says without the program, it would have been much harder to buy an established veterinarian clinic. People from the program are still helping her with the transition.

“I can send them some of my questions, you know how much should I be advertising,” Dr. Ebert said.

The country and Kansas has had an ongoing problem of small businesses closing and never re-opening, taking away those services and jobs from small and medium-sized towns.

The program’s director says there are about 4,000 businesses in the state that can benefit from the program and all types of businesses are considered.

“Farms and agriculture is included in the kinds of companies that we’re helping,” Director of Entrepreneurship at KU Wally Meyer said.

The whole point is to continue to have small businesses running. No drastic changes except the name of the owner.

“So we are keeping things very much the same,” Dr. Ebert said.

Dr. Ebert says that while the process was a bit time consuming, it was also much simpler than she feared it might be.

There are about 150 potential replacement candidates waiting to find their business match.

For more information on the program click here.

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