Episode 10, Outdoor Specialty Retail Succession Planning
As longtime retail owners begin aging out of their working years and inching up on retirement, many have no built-in plans for succession. In this episode, we talk to a few who have begun the process as handing over their life's work to the next generation.
This is the fifth episode in our Specialty Retail Series, in which we’re talking to shop owners and other retail experts about everything from marketing to HR to liability insurance. The information, insights and best practices shared here will help speciality brick-and-mortar merchants in and outside the outdoor industry navigate an increasingly challenging retail landscape.
Between 20 and 30 years ago, outdoor specialty retail shops began popping up around the country. Owned and run by passionate outdoorists, these stores became institutions in their towns and communities. Over time, some of them were swallowed up by bigger companies or went out of business, but many of them thrived. Now, though, owners are aging out and inching up on retirement with no built-in plans for succession.
This episode will address:
- How and when to create a succession plan for your business
- Common mistakes store owners make and how to avoid them
- Examples of outdoor shops who have/are successfully setting themselves up for succession
- Bob Wade, Ute Mountaineer
- Carolyn Crook, Pack Rat Outdoor Center
- Jim Smith, Mountain Chalet
Membership in OIA comes with a host of business benefits including preferred partnerships with law firms, HR specialists, insurance providers and other experts who can help you plot your next step. Click here to learn about our partnership program.
Hear more episodes from our Audio Outdoorist podcast
And if you’re interested in learning more about what specialty retailers around the country are doing to remain relevant in a changing landscape, check out The Innovation Project, a digital video series produced by our friends at SNEWS.