FROSTBURG — 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 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 Interstate-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.