East Texas businesses now have a free community resource designed to preserve the vitality of their companies through a business succession program called Purple Spikes, a new initiative from Stephen F. Austin State University’s Arnold Center for Entrepreneurship.
As part of ACE’s broader initiative of launching new entrepreneurial ventures, Purple Spikes aims to keep current East Texas businesses operating by connecting business owners through a business succession network. The program helps connect those who might be ready to retire or exit the business for another pursuit by connecting them with qualified buyers. This program keeps businesses open in the Lumberjack family and retains jobs in the region.
“Just within the region, nearly 200 businesses representing over 2,000 jobs are at risk of disappearing without a succession plan,” said Dr. Todd Brown, associate vice president of Academic Affairs. “This would be a major blow to the local economy in millions of lost revenues. ACE hopes to ensure job preservation and long-term economic growth by connecting possible graduating students, alumni or qualified entrepreneurs with these business acquisition opportunities.”
The succession network on the Purple Spikes webpage is organized into two groups: businesses looking to sell and qualified buyers. SFA’s network of buyers includes experienced individuals and Lumberjack alumni interested in growing roots in the area as well as high-achieving recent graduates motivated and financially prepared to take over operations.
ACE’s first business listing actively seeking a successor is Larry Bruce Gardens of Kennard, a hospitality getaway with guest house rentals, a restaurant and an event center.
“It was truly an honor to be the first business to participate in the Purple Spike program at SFA,” Bruce said. “Our belief is that someone will not only be able to take over Larry Bruce Gardens, but actually take it to the levels that will produce amazing results, thanks to SFA and ACE.”
There are no fees for participating, and contributions are welcome from those who wish to support the program’s continued success.
“ACE works closely with business owners to support their goals and the long-term interests for their venture by connecting them with a potential successor,” said Dr. Raymond Jones, entrepreneurship program director. “For those interested in selling a business, the idea of Entrepreneurship-through-Acquisition and Succession hopes to provide an opportunity for keeping the business’ legacy alive while ensuring that the continued success of the business gives back the community.”
If you are interested in selling or owning a business, visit gosfa.com/purplespikes to complete a profile. Within seven days of reviewing the submitted form, ACE will reach out to discuss your goals and next steps.
Accepted businesses will be featured on Purple Spikes’ website, and ACE will assist in promoting their opportunity to potential buyers. ACE will also help interested owners connect with businesses that align with their goals and qualifications, and ensure they are prepared for the undertaking of a business acquisition.
For more information, contact Dr. Hollie Smith, ACE executive director of community partnerships, at hsmith@sfasu.edu or (936) 468-2988.
ABOUT STEPHEN F. AUSTIN STATE UNIVERSITY
Stephen F. Austin State University, the newest member of The University of Texas System, began a century ago as a teachers’ college in Texas’ oldest town, Nacogdoches. Today, it has grown into a regional institution comprising six colleges — business, education, fine arts, forestry and agriculture, liberal and applied arts, and sciences and mathematics. Accredited by the Southern Association of Colleges and Schools, SFA enrolls approximately 11,000 students while providing the academic breadth of a state university with the personalized attention of a private school. The main campus encompasses 421 acres that include 40 academic facilities, 11 residence halls, and 68 acres of recreational trails that wind through its six gardens. The university offers more than 80 bachelor’s degrees, more than 40 master’s degrees and four doctoral degrees covering over 120 areas of study. Learn more at sfasu.edu.
By University Marketing Communications
