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Owning Your Own Business Might Not Be As Hard As You Thought

As the Baby Boomer generation is nearing retirement, many of these business owners are forced to close their practice because they do not have a successor to takeover. For this reason the RedTire program was initiated; to help with the growing number of small businesses that shut down due to the lack of successful management to take over. RedTire acts as a matchmaker for business owners looking to sell and qualified individuals looking to run a business of their own. Below are some success stories from past RedTire clients:

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Funk Pharmacy

Doug and Kathy Funk had been working toward retirement for a few years before they decided to enlist the help of KU’s RedTire program. The couple had already sold one of two of their businesses in Concordia, Kansas, and planned to sell their remaining business, Funk Pharmacy, to a couple of their associates. After months of discussions, that plan became unworkable. Fortunately, RedTire connected them to a pair of interested buyers, Robb and Meredith Rosenbaum. After six months of negotiations and a move from Shawnee to Concordia, the Rosenbaums took ownership of Funk Pharmacy on July 1.

“I’m very glad it worked out the way it did. RedTire was a real service to us — it was nice having someone removed a bit from the situation screening people. It took away some of the anxieties of talking to potential buyers.”
– Doug Funk, Former President of the Kansas Pharmacists Association and seller of Funk Pharmacy

Duis Meat Processing Inc.

Ryan Swenson had been looking for opportunities to move back to his hometown of Concordia when he found a listing for an agricultural business on the RedTire website. A month later, he was in contact with Kieth “Toby” Duis, owner of Duis Meat Processing Inc. With locations in Concordia and Salina, Swenson began the process of becoming the business’ new owner. Duis, who is a few years away from retiring, will continue to work for the business, but has said he’s glad he started planning ahead for his retirement and will be able to help Swenson grow the business.

“RedTire allowed me to come home. I’m very thankful we found RedTire. I’m not sure I could even put a value on what they’ve done for us.”
-Ryan Swenson, buyer of Duis Meat Processing Inc.

Yates Center Dental LLC

Steve Epler had seen many fellow dentists in rural areas simply shutter their practices when they retired and Epler always wondered if his practice would close in the same manner. With the help of RedTire, Epler transitioned his dental practice, now known as Yates Center Dental LLC, to Matthew Standridge. The RedTire team conducted a valuation of the business, outlined the succession steps and kept the process moving. Epler has recommended RedTire to friends who may be interested in selling their practices in the future.

“Honestly, I always figured there was a fair chance I would eventually shut my doors. It’s amazing how much work goes into selling a medical or dental practice. RedTire being a free service is a major benefit to rural professionals looking for successors.”
-Steve Epler, Seller of Yates Center Dental LLC

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