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Strong Transitions: Preserving Local Legacies, Empowering McHenry County’s Future

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When a long-time business owner in McHenry County begins thinking about retirement, the conversation often centers on “what’s next,” not just for themselves, but for the people and community they’ve built around their company. Who will take over? How do they ensure the business stays local? What happens to the employees, customers, and vendors who rely on it? 

These questions are the foundation of Strong Transitions, a county-wide initiative led by the McHenry County Economic Development Corporation (MCEDC) and the Illinois Small Business Development Center (SBDC) at McHenry County College. Supported by an Advance McHenry County grant, Strong Transitions is an effort to merge the pathways of business owners and emerging entrepreneurs with the tools, expertise, and guidance needed to keep successful local businesses thriving across generations and ownership changes. 

The Coming Wave of Business Transitions 

Across the country, tens of thousands of Baby Boomer-owned businesses are approaching a turning point. According to a recent study by the Exit Planning Institute, more than half of all privately held businesses in the United States-approximately 51%-are owned by Baby Boomers, many of whom expect to exit their companies within the next decade. Yet, the same research reveals a stark reality: only 20 to 30% of businesses that go to market successfully sell, leaving as many as eight in ten owners without a viable path to realize the value of their life’s work or secure continuity for their employees and communities.  

Locally, McHenry County is no exception. Many long-established manufacturers, service firms, and family-run enterprises are led by owners who have spent decades building their companies and contributing to the county’s economy. 

Strong Transitions was created to change that narrative. By providing confidential, no-cost transition advising and hands-on educational programs, the initiative is an effort to ensure that McHenry County businesses aren’t just closing their doors; they’re passing the torch. 

 

Two Pathways, One Mission 

The Strong Transitions program offers two distinct but complementary tracks: Transition Advising and Entrepreneurship Through Acquisition (ETA). 


  1. Transition Advising

Designed for McHenry County business owners considering retirement, succession, or sale, Transition Advising connects participants with subject-matter experts who help chart a personalized roadmap for their next chapter. 

The process begins with a confidential one-on-one session that covers three focus areas: 

  • Personal: Assess readiness for retirement, identify potential successors, and outline personal and family goals. 
  • Financial: Evaluate company position, review pre-exit cash flow, and identify potential valuation gaps between buyers and sellers. 
  • Business: Strengthen long-term stability, enhance pre-transfer value, and spotlight key capital assets to make the business more attractive to buyers or family successors. 

This structured approach transforms what can be an overwhelming decision into a clear, actionable plan. Participants leave with a sharper understanding of timelines, options, and strategies to maintain continuity while protecting the legacy they’ve built. The no-cost, confidential advising available through the Strong Transitions program extends the services of the Illinois Small Business Development Center (ISBDC) at McHenry County College. 

“Every business transition is unique,” says John Mink, manager of the ISBDC at MCC. “Factoring in the owner’s desire for the business transition after succession is key to developing a plan.  Whether this is a family succession, employee sale/ownership plan, or an outright sale, our experienced set of advisors partners with the business owner throughout the planning and execution of the transition.” 

 

  1. Entrepreneurship Through Acquisition (ETA)

On the other side of the equation are the buyers, individuals eager to take on leadership of existing companies rather than start from scratch. The Entrepreneurship Through Acquisition (ETA) track is an eight-week instructor-led course that trains these emerging entrepreneurs to identify, purchase, and operate local businesses. 

Hosted at Catalyst Campus in Woodstock, the 8-week course uses a cohort format, encouraging entrepreneurs to problem-solve and develop relationships with their peers. The curriculum includes: 

  • How to source and evaluate businesses for sale 
  • How to approach and negotiate with sellers 
  • Understanding financing and investor structures 
  • Managing day-one operations and implementing sustainable growth strategies 

Tuition for the program is $1,899, but thanks to grant support, scholarships are available that reduce the cost to just $189. The class attracts first-time business buyers, emerging leaders in family companies, and employees stepping into ownership roles. 

“Awareness of ETA as a framework is gaining traction nationally,” says Mark Piekos, Executive Director of the MCEDC. “Rather than take on the risk and stressors of launching a start-up, more entrepreneurs are seeking quality existing businesses with established infrastructure.” 

While ETA pathways are commonly found in postgraduate programs nationwide, the Strong Transitions course removes the barriers of cost and exclusivity, offering practical, hands-on instruction to anyone with the entrepreneurial spirit who is ready to take the leap into business ownership.  

Graduates leave with practical tools, local connections, and the confidence to pursue real acquisition opportunities within McHenry County. Many will go on to engage with local lenders, brokers, and business owners who are ready to sell, creating a self-sustaining pipeline of new local ownership. 

 

Why It Matters 

When a business stays in local hands, so do the jobs, relationships, and investments that define McHenry County’s economic identity. Each successful transition keeps manufacturing capacity, professional services, and supply-chain activity anchored here, rather than lost to outside buyers or closures. 

That continuity has ripple effects: 

  • It preserves jobs and stabilizes the tax base. 
  • It sustains long-standing suppliers and community partnerships. 
  • It keeps industry knowledge and talent rooted in McHenry County. 

In short, Strong Transitions is not just about ownership; it’s about stewardship. It ensures that businesses built by one generation continue to provide opportunities for the next. 

 

A Collaborative Effort 

Strong Transitions represents a partnership between public agencies, local institutions, and the private sector. The Advance McHenry County grant program, administered by the County Board, recognized the importance of supporting small and mid-sized businesses through generational change. 

The Illinois SBDC at McHenry County College brings seasoned business advisors who guide owners through valuation, operations, and financing. Meanwhile, the MCEDC leverages its network of municipal leaders, lenders, and professionals to make connections that move deals forward. 

That collaborative framework allows the program to remain accessible, confidential, and tailored to each participant’s situation.  

 

The Road Ahead 

As Strong Transitions moves into its next phase, MCEDC and its partners are expanding outreach to connect with more business owners and aspiring buyers. Information sessions, networking events, and case studies are being developed to help more people see what’s possible. 

“McHenry County’s strength lies in its locally owned businesses,” says Piekos. “Strong Transitions is about honoring those who built them and equipping those who will build what comes next.” 

 

Business owners or emerging entrepreneurs interested in learning more can contact info@mcedc.com or visit mchenrycountyedc.com/strong-transitions for details.