Monticello downtown assessment report: Part 7

By: 
Kim Brooks
Express Editor

     This is a multi-part series on the City of Monticello’s Downtown Assessment Report, as conducted by the Iowa Downtown Resource Center and Iowa Economic Development Authority. This was a partnership between the city and Jones County Economic Development.

Theme 7: Business Succession

     There are many businesses in Monticello that have been in operation for generations. Many of these businesses have been long-time supporters of the community. That said, it can be a challenge when the time comes for these businesses to change hands/ownership. When the assessment team met with several groups throughout the community, “they expressed concern for these landmark businesses and a desire for them to remain strong into the future”

     It’s important for the Monticello community to provide access to necessary resources and networks to assist these businesses as they attempt to transition to new ownership. Some things to think about include real estate transactions. Many business owners also own their buildings that significantly contribute to the downtown district.

     Build a relationship with these business owners to determine their needs moving forward what resources they may need. Where are they in the succession process? It can be an overwhelming process for some, as business success doesn’t happen overnight. Providing educational resources can help ease the process and hopefully retain those businesses for years to come.

     “The further in advance planning occurs, the greater the ability to remove barriers to a sale and increase the market value of the business,” stated the downtown assessment team.

Action steps:

     • Create a “business assistance team” of three or four people to visit with downtown businesses and gather data and identify those who may need business succession assistance.

     • Offer business succession/transition workshops in the community.

     • Begin to identify possible business successors such as owners’ family members, key employees, competitors, or other entrepreneurs.

     • Consider establishing financial packages to assist with business transitions: rental assistance, low interest loans, mentoring from current owners to new ownership.

     • “Monticello is lucky to have several young business owners that have returned to the community and opened shop,” praised the assessment team. “However, they have not always felt welcomed as they may be operating their business differently than those who were here in the past. It is critical that every effort be made to support and nourish these young entrepreneurs. They are the future business leaders for the community and have chosen to make Monticello their home.”

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