Business Succession and Community Sustainability: Small Business Perspectives in Rural Alabama

Abstract

A resilient rural economy is dependent on all types of businesses, especially small businesses. In Alabama, there is little information about how small business owners approach succession planning decisions and how relationships affect those decisions. To address this gap, I conducted semi-structured interviews with small, locally owned and operated business owners across Alabama. My findings show that owners use language about their businesses that is inconsistent with academic literature about succession planning but is consistent among peers. Many use their businesses as an extension of themselves and make decisions between market demands and stakeholder needs. Recognizing that small businesses are embedded in owners’ social contexts can help policymakers and educators to desire more effective, accessible succession planning support. New approaches are critical to fostering sustainable economies and resilience in rural communities for the next generation.