NYM EDA discusses transition plans for local businesses
News | Published on December 1, 2021 at 3:44pm GMT+0000 | Author: Chad Koenen0
By Chad Koenen
With a number of business owners approaching the age of retirement, the New York Mills EDA once again found itself wrestling with what, if anything, they could do to help facilitate transition plans for some of the community’s businesses.
During its regularly scheduled meeting on Wednesday, Nov. 17, the NY Mills EDA briefly discussed the need to have a proactive approach to reaching out to business people in the community who may be retiring or looking to transition into their next phase of life. Any help the EDA could provide in a transition plan could not only help the business owner who could sell the business, but also the community by keeping a vital part of NY Mills going for another generation. It could also help to alleviate empty buildings in town when a business closes without a buyer.
While there was a general consensus that something should be done to at least reach out to the list of business owners who are nearing the age of retirement, what should be done and who should do the work were the biggest two questions on Wednesday morning.
The suggestion was made to have the NYM2025 look into the succession plan as part of their revitalization project and bring back any recommendations to the NY Mills EDA.