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

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Listed:
  • Elizabeth Templin
  • Scott Chazdon
  • Glenn Muske
  • Felipe Dyna Barroso
  • Lillian Osborne
  • William Craig

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.

Suggested Citation

  • Elizabeth Templin & Scott Chazdon & Glenn Muske & Felipe Dyna Barroso & Lillian Osborne & William Craig, 2017. "The silver tsunami and rural small business retention: What can communities do?," Community Development, Taylor & Francis Journals, vol. 48(2), pages 282-298, March.
    • Handle: RePEc:taf:comdev:v:48:y:2017:i:2:p:282-298
    DOI: 10.1080/15575330.2017.1287110
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    References listed on IDEAS

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    1. Hancock, Christine & Steinbach, Alan & Nesbitt, Thomas S. & Adler, Shelley R. & Auerswald, Colette L., 2009. "Why doctors choose small towns: A developmental model of rural physician recruitment and retention," Social Science & Medicine, Elsevier, vol. 69(9), pages 1368-1376, November.
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