Overview

Small- and medium-sized businesses are the backbone of a country's economic success. But some small business owners lack strategies to successfully transfer their business to a new owner, increasing the probability that the business will cease to exist. Because baby boomer small business owners are retiring at a high rate, long-term local economic sustainability may be affected. Grounded in resource-based view theory, the purpose of this qualitative multiple case study was to explore strategies small business owners used to transfer their business to a new owner. The participants were 6 small business owners who successfully transferred their business to a new owner in Thunder Bay, Ontario, Canada. Data were collected from semi structured interviews and documentation available from business websites. A thematic analysis was used to analyze the data. The following 3 strategies were used to successfully transfer a business: independent sale to an outsider, sale to a partner, and sale to a family member.

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