Small towns and areas with declining populations have fought for years to increase industry and employment. One of the economic development strategies being used today is to locate businesses that are for sale, select ones that match the special natural resources of your area, and support local business people and entrepreneurs in buying those businesses to relocate into your area.
It’s a double bonus thing. First, you are taking an existing business that has a head start over a brand new business. Second, you are using people from your area who are much more likely to stay in your area even if the business is successful.
It makes a lot more sense to me than offering huge incentives to try to lure big businesses who are playing one town off of another, won’t stick around, and frequently don’t deliver on those big promises. (Read the EDPro Weblog if you don’t believe me about that.)
In our area, we heard about this approach from the Northwest Oklahoma Alliance and consultant Neil Doty. NWOA has a page online describing this approach, that they are calling REBAR: Rural Economic Business Acquisition and Relocation Strategy. It’s a good read, with 12 factors to consider about each target business.
Yaro Starak at Entrepreneur’s Journey brought up a resource that could be really helpful for this, an RSS feed (blog) of businesses for sale. You can also get info in email updates. The site is BusinessesForSale.com. I can see this as a terrific tool for this particular strategy.
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
- Video: How to fill empty car dealership buildings for the holidays - November 6, 2020
- How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
- The Idea Friendly Method to surviving a business crisis - October 6, 2020
- Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020
- Economic self defense for small towns - June 7, 2020
- The best things you can do for local businesses in light of coronavirus - March 27, 2020