Graphic Credit: YES! Magazine
– “How to Keep Businesses (and Small Towns) Alive When Owners Retire”
“In Kansas, a new matchmaking service is helping transition small businesses to new hands. Could it be a model for the rest of rural America?”
“The program, called RedTire, was similar to a business broker, but it was free of charge and happy to make deals in rural areas.”
“RedTire has nothing to do with tires; instead, the name is short for the phrase “Redefine Your Retirement.” The staff do everything from appraising the business to vetting the buyer, and even offer counsel after the deal is done. While traditional business brokers work to maximize the advantage of the party that hired them, RedTire focuses on making the fairest deal possible for both sides. As of December, it has brokered the sale of 27 businesses, which together employ more than 200 people, in sales that total $22.6 million. The program has grown steadily in the five years since it launched, and now gets more work requests than it has the capacity to take on.
Some of the businesses RedTire transitions would probably have disappeared if the service wasn’t there,” by Kaela Bamberger, YES! Magazine.