County organizations guide North Country entrepreneurs to success

FRANKLIN COUNTY | An estimated 10,000 to 16,000 businesses in New York's North Country region are expected to close or change hands in the next decade as their owners enter retirement. Bolstered by the commitment of young entrepreneurs and the support of local economic development organizations, three Franklin County businesses — Little Town Lanes and Martin's Handmade Pretzels in Moira and Happy Camping RV in Vermontville — will remain active in their communities for years to come. According to the North Country Center for Businesses in Transition (CBIT), a program of the Adirondack North Country Association (ANCA), younger entrepreneurs are often unable to access the capital they need to purchase an existing business. In response to this need, Franklin County Economic Development Corp. (FCEDC), a CBIT partner organization, worked closely with new owners of the three businesses to develop customized solutions that meet their business transition and financing needs. "We are honored to support the next generation of business leaders in Franklin County," said Russ Kinyon, director of economic development at FCEDC. "These entrepreneurs bring valuable experience and energy to our local businesses and the communities they serve. We're excited to see how they shape and grow these businesses into the future." Over the last three years, Kinyon and Jeremy Evans, FCEDC's chief executive officer, have been working with business owners to identify and address their financing needs. The agency has expanded its existing gap lending programs to offer more flexible terms and specialized services for entrepreneurs. "In our work connecting retiring business owners with possible successors, we find again and again that access to capital is a major hurdle when purchasing an existing business, even when the interested buyer is an employee who is well-positioned to take over," said Danielle Delaini, ANCA's entrepreneurial program director. "Russ and Jeremy's work with these young entrepreneurs has been instrumental in making these transitions possible." Max and Veronica Nason had been working at Happy Camping RV in Vermontville for six years when they learned of the opportunity to purchase the business. "Going through the usual avenues to secure funding to buy was a huge challenge. We are younger, and no banks wanted to take us on with a reasonable offer that would put us in a good position," said Max Nason. "Russ and Jeremy were extremely knowledgeable, and they were rooting for us throughout the entire process. They saw our vision to not only purchase the business, but also to build a new service garage and expand. They worked hard to help us secure the funding we needed." Jeremy Bonville spent countless hours bowling at the local alley in Moira as a child, and he eventually went on to join the venue's staff. Two years ago, when his employers announced they were ready to retire, he began the process of purchasing and renovating Little Town Lanes. "This has been a huge improvement for the business. The lanes had the same look for 20 years, so it was a major change," said Bonville. He said the updates will allow the venue to support more special events and bowling competitions. "We hope to continue to grow the business and provide our community with a safe place to have fun with friends and family." Also in Moira, Martin's Handmade Pretzels changed hands last year when Josiah Martin purchased his grandparents' pretzel bakery with help from his father, Justus. The family business has been in operation since 1935, and in 2019 relocated from Theresa, New York, to this rural community in western Franklin County. When the bakery and country store sustained heavy damage in a 2020 fire, Martin's completed a major renovation and reopened in December 2021. The business aims to employ at least 12 staff, who will make hundreds of thousands of pretzels every year to be sold locally and at established markets in New York City and across the country. FCEDC partners assisted Martin throughout the transition process through referrals to regional resources, connections to stakeholders and support promoting the new business. "For me and my family, the ability to do what we love and share it with others is a legacy we all want to be part of," Martin said. "Personally, it is very fulfilling to be back in operation and continue the family tradition for another generation." "These success stories demonstrate how individualized services like customized financing makes a real difference for business owners who are just starting out," said Evans. "We look forward to helping more aspiring entrepreneurs achieve their goals through flexible lending options and other resources." Other CBIT organizations that offer flexible loan services for transitioning businesses include the Adirondack Economic Development Corporation, Essex County Industrial Development Corporation, Hamilton County Economic Development andLewis County Economic Development. Upcoming CBIT programs for transitioning businesses include a networking event in February 2022 and the Center's second Small Communities. Big Opportunities. conference in February 2023. Both events will provide business owners and potential buyers opportunities to connect with each other and learn from experts and other business owners who have been through the transition process. In 2022, CBIT will continue its Plan for the Future workshop series and Sellers Working Group, and offer a new Train-the-Trainer Program that provides staff from economic development organizations, chambers of commerce and nonprofits with skills to support owners who are preparing for succession. Training participants will begin the nine-month program on January 27, with the goal of leading business transition working groups in their own communities in August. The Center recently announced its 2022 community liaisons and partners. They are Carol Calabrese, Essex County Industrial Development Agency Matthew Courtright and Erin Mullen, Ticonderoga Area Chamber of Commerce Ben Dixon and Laura Pearson, St. Lawrence County Chamber of Commerce Rachel Karp, Saranac Lake Area Chamber of Commerce Russ Kinyon, Franklin County Economic Development Corp. Jenna Kraeger, Lewis County Economic Development Rachelle Martz and Christy Wilt, Hamilton County Economic Development Jessica Spiegel, Adirondack Economic Development Corporation Greater Watertown-North Country Chamber of Commerce SUNY Canton Small Business Development Center CBIT was established by ANCA in 2018 with grant funding from the Northern Regional Border Commission, and is currently partially funded by a grant from the United States Department of Agriculture's Rural Community Development Initiative. For more information about CBIT and its programs, visit ownanorthcountrybusiness.com or contact transitions@adirondack.org.

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County organizations guide North Country entrepreneurs to success

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