Transitioning – Successfully – to New Ownership
We’re excited to introduce Keys to Ownership, a new loan program designed to help small businesses successfully transition to new ownership.
Throughout New York City’s neighborhoods, many beloved small businesses will soon be changing hands as longtime owners retire.* For family members, trusted employees, and entrepreneurs, this presents an opportunity.
Preserving a Legacy and a Community Resource
In New York’s immigrant communities, the stakes are especially high. Longstanding neighborhood businesses often reflect the culture, history, and identity of the communities they serve. When these businesses close without a succession plan, entire neighborhoods can lose institutions that have been part of their fabric for decades. However, even when a family member or longtime employee is interested in taking over the business, transitioning can be challenging and will likely require affordable capital, mentoring, and a supportive network.
Financing, Guidance, and Support
That’s why we created Keys to Ownership, a comprehensive program that combines flexible financing with education, practical business support, and access to trusted advisors and peer networks. Every aspect is designed to help businesses preserve what they’ve built while giving the next generation of owners the tools they need to succeed.
How Businesses Benefit
One business that has benefited from the program is Fancy 93 Cleaners in East Harlem, a dry-cleaning business that was purchased from its previous owner by two retired nurses using financing from Accompany Capital along with their own savings. That allowed the business to remain a valued part of the East Harlem community while expanding its locations and services under its new ownership.
Another success story is Zecca Glass, where we helped longtime employee Raphael Correa purchase the high-end Bronx-based glass, mirror, and architectural metal solutions company from its founder after years of working alongside him. The founder was confident Raphael would uphold the company’s commitment to quality craftsmanship and exceptional materials, while Raphael was pleased that the financing and advice that Accompany Capital provided made the purchase possible.
If you know someone planning to buy or sell an existing business where financing is needed to make the transaction possible, please tell them about Keys to Ownership. We’re here to help owners and buyers navigate the transition with confidence while preserving a valuable small business.
For further information, please contact Senior Loan Officer Neeraj Gupta at ngupta@accompanycapital.org or 347 -808-7827 to learn more about the process.
* According to the U.S. Census Bureau’s 2024 Annual Business Survey, more than 51% of U.S. employer-business owners are age 55 or older, which means that more than half of America’s small business owners are approaching retirement.