The silver tsunami and rural small business retention: What can communities do?

Elizabeth Templin, Scott Chazdon, Glenn Muske, Felipe Dyna Barroso, Lillian Osborne and William Craig

Community Development, 2017, vol. 48, issue 2, 282-298

Abstract: Since many rural communities have a disproportionately older population, the “silver tsunami” of retiring baby boomers has fueled interest in small business succession as a business retention strategy. Most business succession research has focused solely on the firm level without addressing community-level aspects. This article emphasizes the importance of community responses by blending findings from a rural small business survey with key informant interviews. Study findings suggest that successful business succession creates an opportunity for business expansion. Of the 118 new owners surveyed, 41% increased employment, 68% increased sales volume, and 68% increased their customer base. Communities reported facilitating business succession by (1) emphasizing the importance of succession planning, (2) reducing financial, time, and confidentiality barriers, and (3) providing accessible resources.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:taf:comdev:v:48:y:2017:i:2:p:282-298

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DOI: 10.1080/15575330.2017.1287110

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