Asheville – Longtime small business funding and educational institution, Mountain BizWorks, announced the expansion of its services to aid entrepreneurs across Western North Carolina buy and sell businesses. The new venture, called Mountain BizWorks Market Advisors, already began working with small businesses in the region.
“Transferring a business, or even determining its worth, can be a complicated process,” said program director Chris Grasinger in a press release. “Our focus is demystifying the process for business owners, allowing buyers and sellers to work through the necessary steps in a mutually beneficial way.”
Determining a price can be one of the primary challenges for new entrepreneurs seeking to buy or sell a business. Mountain BizWork’s approach takes a holistic look at operations, structure and assets to determine a fair value for both sides. Market Advisors strives for transparency in transactions.
WNC’s Vibrant Economy
Board vice-chair Tim Herdklotz believes Market Advisors is vital for the continued economic growth of Western North Carolina.
“For more than three decades, Mountain BizWorks has been an integral part of local business development in the region,” Herdklotz said in a press release. “With this new venture, we will continue that legacy by helping our well-loved small businesses sustain their legacy through a successful transfer of ownership.”
Locals have witnessed the growth in small businesses in recent decades throughout Western North Carolina. Mountain BizWorks cites research from the national group Project Equity that demonstrates that retiring baby boomers own half of WNC small businesses. Inevitably, six in ten are looking to sell their business within the next decade. Market Advisors hopes to meet the sales demand and help small businesses stay local.
“We’re facing what’s being called ‘the silver tsunami,’ and we are looking to be proactive to help our amazing local entrepreneurs have more options to secure a successful transition,” Matt Raker, Executive Director of Mountain BizWorks, mentioned at the public announcement of the brokerage on Nov. 10. “These small businesses are the lifeblood of our local communities, and this new venture is designed to support them.”
With an influx of businesses changing hands over the next decade, Mountain BizWorks believes the need to ensure successful succession planning is eminent. Over 130,00 employees work for small businesses in Western North Carolina—succession planning is vital to the economic health of the region, Mountain BizWorks says. This new brokerage aims to make entrepreneurship through acquisition as easy as possible for both buyers and sellers.
“There is a need for this service in Western North Carolina and beyond, and we hope that business owners looking to make a change utilize us to ensure their business goes on without them, but also to make sure there is minimal impact to workers and the community,” Herdklotz said in a press release. “While larger operations have access to brokerage services, small and mid-sized businesses need to connect with outside resources. We will satisfy that need by offering our valuation, brokerage, and consulting services to owners across the region.”
History of Helping
Mountain BizWorks was founded by entrepreneurs in Asheville in 1989. The non-profit organization invested in the region’s entrepreneurial spirit before it was a nationally acclaimed destination for tourism, food and beer. Currently, they provide small business loans and coaching to emerging small businesses in Western North Carolina. The organization has a particular focus on working with businesses unable to finance from banks and other traditional sources. In recent years, they have focused on assisting low-income, minority, women, and immigrant entrepreneurs to “build a vibrant and inclusive local WNC economy.” In 2019, Mountain BizWorks assisted in the administration of 2,816 loans totaling $74 million.
Learn more about Mountain BizWorks Market Advisors at marketadvisors.org.