OBDC to support local businesses with Entrepreneurship Through Acquisition (ETA) program

The Olean area is home to a number of legacy businesses — many that have been in existence for decades, run by the same person or family, since their inception.

But what happens when the founder, or the family, no longer wants to run the business? Does it just disappear?

“That is a challenge,” Bob Forness, president and executive director of the Olean Business Development Corporation (OBDC), said.

And that is why Forness said OBDC is “thrilled” to be the recipient of a 2025 Springboard Prize Competition grant, which provides funding for OBDC to help buyers and sellers work together to preserve legacy businesses through event based connections.

“OBDC continues to focus on the front end of the entrepreneurial journey, new business owners with new ideas launching their businesses,” Forness explained. “But we also quickly realized that there is a gap in our ecosystem at the back end of that journey, when a business owner is looking to exit.”

The grant will help OBDC to support a concept that is recognized across the United States: Entrepreneurship Through Acquisition, or ETA. The 2025 Springboard Prize Competition program implementation was led by Main Light Strategies and the Center for Regional Strategies, and is a competition focused on building a connected entrepreneurial ecosystem throughout Western New York. The funding comes from the Ralph C. Wilson Jr. Foundation, which recognized that entrepreneurial service organizations like OBDC need help to fund initiatives.

OBDC was one of 12 organizations to be selected for funding from amongst 250 applications received.

The $56,000 grant is designed to help sellers and potential buyers offset costs associated with selling and/or purchasing an existing business, such as legal or other fees, and to sponsor events to bring interested parties together. The theme of the 2025 Springboard Prize Competition was to bring people together with events and to cause collisions and connections to support the region’s entrepreneurial ecosystem.

“In smaller towns like ours, private business owners may sometimes be reluctant to announce they’re getting out, fearful they might lose business before anything has become official,” Forness said. “They tend to keep it under wraps. Our role in executing this grant is to help connect business owners looking to exit with those interested in buying an existing business, as well as to provide events that enable connections to experts in business transition.”

While transitions continue to successfully happen informally — recent examples include Ried’s Food Barn transitioning to the Olean Food Barn and new ownership of businesses like Go To Meals, Olean’s Wellness Store and The Burton in Allegany — other businesses have suddenly closed, leaving gaps in services to Olean area residents, like dry cleaning and printing services.

Forness said a recent OBDC survey indicated there are more than 300 owner-owned businesses located on North and South Union streets and East and West State streets in Olean alone.

“How many of those are looking to exit?” Forness said. “We don’t know, but we want to be available for those businesses to contact us and create a dialogue with people who may be interested in their business. Our goal is to not have any more sudden, unexpected closings of businesses. We will facilitate an ETA driven process of transitioning businesses, helping to ensure preservation of existing services and maintaining local wealth for new business owners.”

OBDC continues to refine its tactics for executing a local ETA strategy in the Olean area, including meetings for small business owners looking to transition to get expert help, for prospective business owners to learn of businesses interested in transitioning and how to make transitions successful.

“If you’re a business owner looking to exit, or a person that has an interest in buying a successful existing business, please don’t go it alone,” Forness said. “Reach out to us and we can make connections that can provide help and help you network with interested buyers.”’

For more information, contact OBDC at info@oleanbd.com.