FSU’s Small Business Development Center Launches Business Transition Program

Nov 19, 2020 9:35 AM

Frostburg State University and the Western Region Maryland Small Business Development Center have created a new Legacy Business Transition Program to assist area business owners seeking to sell their businesses and individuals or entities interested in purchasing them.

The Legacy Business Transition Program, a collaboration between the two institutions, was designed as a resource for those looking to sell their businesses due to retirement, the inability to pass on the business to interested parties, financial hardships brought on by the COVID-19 pandemic and other reasons. The goal of the program is to keep local businesses open and ongoing to provide direct employment and continue to offer goods and services to local communities.

All services are offered free of charge and are available to businesses located within the I-68 Regional Alliance Corridor, which includes Bedford and Somerset counties in Pennsylvania, Allegany and Garrett counties in Maryland and Mineral County in West Virginia.

The program will assist sellers with generating a business analysis of valuation and selling price, creating a confidential marketing package, listing service and introducing businesses to potential buyers. Buyer services include assisting with due diligence, structuring letters of intent and purchase agreements, financial qualification and post-purchase support.

Interested parties can contact Mark Prave at 888-237-9007 ext. 8 or mjprave@frostburg.edu, or visit www.frostburg.edu/legacybusiness for more information.

The Maryland SBDC was created in 1989 under the umbrella of the U.S. Small Business Administration. The program has grown substantially and now offers statewide assistance to small businesses. In the fiscal year ending September 2020, more than 275 new businesses were started and more than 45,000 jobs were supported in Maryland as a direct result of Maryland SBDC activities. Additionally, more than $92 million in loans was obtained and more than 7,600 individuals received SBDC assistance. The SBDC is funded in part through a cooperative agreement with the U.S. Small Business Administration.

Situated in the mountains of Allegany County, Frostburg State University is one of the 12 institutions of the University System of Maryland. FSU is a comprehensive, residential regional university and serves as an educational and cultural center for Western Maryland. For more information, visit www.frostburg.edu or facebook.com/frostburgstateuniversity. Follow FSU on Twitter @frostburgstate.

FSU is committed to making all of its programs, services and activities accessible to persons with disabilities. To request accommodations through the ADA Compliance Office, call 301-687-4102 or use a Voice Relay Operator at 1-800-735-2258.