Too many great local businesses fade not from lack of customers, but from lack of a plan. We sat down with Doug and Anne, buyer-operators on a mission to preserve the heart of their community by acquiring small businesses. We explored how owners can exit on their terms without losing what makes their company special.
We start with the landscape: thousands of boomer-owned companies in Northwest Arkansas and beyond are nearing transition, yet most don’t have a documented succession plan. Doug and Anne break down the gap between intention and reality: 70% of owners want to pass the business to their kids, but only about 30% make it happen, and show how a thoughtful three-year runway changes everything. From choosing the path (family succession, management buyout, or third-party sale) to assembling the right local team for valuation, lending, legal, and tax, they map a clear, humane process that protects jobs and community identity.
Then we get practical. They explain how tax strategies that minimize profit today can depress a future sale price, why keeping your manager is critical to continuity, and how simple adjustments, cleaner books, documented SOPs, fair market leases, and stable leadership, raise multiples and buyer confidence. We also talk about culture and leadership development: growing managers who can run the day-to-day, reducing key-person risk, and honoring the brand promise customers rely on. Anne shares why championing women-owned businesses matters, and how inclusive ownership structures and mentorship can widen opportunity and strengthen resilience.
If you’re a small business owner eyeing retirement, feeling burnout, or simply wanting to protect your legacy, this conversation offers an actionable roadmap and real encouragement.
Subscribe for more conversations with operators, founders, and community builders, and share this episode with an owner who needs a nudge to start their plan. Want us to dive deeper or help you think through options? Leave a review, send a note, and tell us what transition questions you want answered next.
More About this Episode
Preserving Main Street: How One Couple is Helping Small Businesses in Northwest Arkansas Thrive
Small businesses have always been the backbone of the American economy. But today, more than ever, they face a daunting mix of challenges: rising costs, generational transitions, lack of succession planning, and increased competition. While the entrepreneurial spirit remains strong, the path to sustainability, and legacy, is becoming harder to navigate.
This is where Doug and Anne step in.
With deep experience in small business ownership, a passion for entrepreneurship, and a mission centered on preserving local community businesses, Doug and Ann are building a company with a clear and timely purpose: to preserve the heart of the local community by acquiring and buying small businesses.
Their story is not just inspiring, it’s a blueprint for what the future of small business transitions can look like in communities like Bentonville and across the country.
The Changing Landscape of Small Business
Doug and Anne’s journey to Northwest Arkansas reflects a broader trend of professionals seeking vibrant, values-aligned communities to plant roots and build impact-driven ventures. In Benton County alone, there are nearly 6,000 small businesses, and according to Doug, approximately 40% are owned by baby boomers nearing retirement.
This demographic shift is creating a wave of opportunity, and risk.
While 70% of business owners say they hope to pass their company to the next generation, only 30% succeed in doing so, often because of the absence of a solid succession plan. And as mentioned in our conversation, two-thirds of small businesses have no documented succession strategy at all.
The result? Businesses that have served their communities for decades may shutter not because they aren’t profitable, but because there’s no one prepared to carry the torch.
Doug and Anne are tackling this issue head-on.
From Entrepreneurship to Acquisition: A Passion-Fueled Mission
Anne’s early exposure to international cultures and entrepreneurial leadership shaped her professional identity. Working for a woman-owned small business after graduate school sparked her love for the hands-on, dynamic nature of small business life. Eventually, she co-founded a physical therapy clinic with another female entrepreneur, built it from the ground up, and successfully ran it for 10 years before selling it.
Doug brings a complementary perspective, raised on a farm with entrepreneurial parents, he spent time in engineering, owned businesses in Alaska, and has experienced both the highs and lows of small business ownership.
Together, their shared values and complementary backgrounds have led to a bold, strategic mission: acquire existing small businesses from retiring owners, preserve their legacies, and continue growing them as key contributors to the local economy.
Rather than competing in saturated markets with yet another startup, Doug and Ann aim to revitalize and continue operations of existing companies, especially those at risk of vanishing due to lack of succession.
Why Acquisition Matters More Than Ever
There’s a growing space in the world of entrepreneurship called "acquisition entrepreneurship" and it’s gaining steam. Instead of building from scratch, aspiring business owners buy an existing business, which often already has:
- A loyal customer base
- A proven revenue model
- Staff and operational systems in place
- Brand equity within the community
Doug and Anne are part of a rising generation of entrepreneurs who see acquisition not only as a viable alternative to startups but as a way to preserve the heartbeat of local economies.
Their approach stands in stark contrast to the high-risk, high-failure-rate world of startups. While over 1 million small businesses are started each year, 900,000 of them fail, a staggering statistic that underscores how difficult it is to get a new business off the ground.
But what if instead of starting fresh, more entrepreneurs focused on continuing businesses that are already working?
That’s the opportunity Doug and Anne are stepping into.
The Realities of Transition: Where Most Business Owners Struggle
One of the key points discussed in the podcast was the lack of preparation most small business owners have when it comes to selling or transitioning their business.
On average, it takes three years from the time a business owner begins thinking about selling to the actual transaction. And in that time, a lot needs to happen:
- Financial records must be organized and prepared for valuation
- Systems and operations need to be documented
- Key staff and management must be secured to ensure continuity
- Personal ties (like owners serving as the only manager or sales lead) must be unwound
Doug and Anne aren’t brokers, but they’ve built a network of local experts in Northwest Arkansas who can help business owners begin that process. And often, it starts with something simple: a conversation.
“Sometimes the business owner just needs someone to come alongside them,” Anne said. “Even if we’re not the right fit to buy their business, we want to be a resource. There are more options than they think.”
And that’s an important message. Many business owners nearing retirement feel stuck. Their kids don’t want the business. Their staff may not have the capital or desire to take it on. But closing the doors isn’t the only option, transitioning to an entrepreneur who will honor and grow their legacy is a viable and meaningful path forward.
From Financials to Legacy: The Emotional Side of Selling
Selling a business isn’t just a financial transaction. It’s an emotional one.
For many small business owners, their company is a reflection of decades of hard work, community service, and personal identity. Letting go is hard. But knowing that the business will be respected, preserved, and nurtured under new ownership can provide immense peace of mind.
That’s the difference Doug and Anne offer. They’re not investors looking for a quick flip. They’re entrepreneurs with a heart for people, and a desire to build something that continues to add value long after the sale is complete.
Anne’s background as a woman-owned business founder also informs their commitment to inclusivity. Their company, 5WS, is a woman-owned enterprise, and Anne is particularly passionate about supporting women entrepreneurs, especially those navigating the challenges of startup life or preparing for succession.
“Some of the most important mentors I had were women who owned small businesses,” Anne shared. “Now I want to be that for someone else.”
What Business Owners Can Do Now
If you’re a small business owner in Northwest Arkansas (or anywhere), and you’re beginning to think about what’s next for your company, here are a few steps to consider:
- Start the conversation early: Even if you’re years away from retirement, begin exploring your options. As Doug and Anne noted, it can take years to fully prepare a business for transition.
- Document your operations: Create systems, manuals, and processes that allow someone else to take over smoothly. The less dependent your business is on you personally, the more valuable it is.
- Think beyond family succession: If your children aren’t interested or able to take on the business, there are other avenues, including acquisition entrepreneurs like Doug and Anne who want to carry your vision forward.
- Get your financials in shape: What works for tax efficiency might hurt your valuation when selling. Work with an advisor to prepare your business for a buyer’s perspective.
- Reach out: Whether you're ready to sell, just starting to explore options, or looking for advice, Doug and Anne are open to conversations. They can be reached via LinkedIn and are always happy to meet for a coffee and talk shop.
The Road Ahead
Doug and Anne are just getting started. They’re currently in the early phase of acquiring their first business in Northwest Arkansas and are focused on finding the right fit, one where they can lead, support, and grow a team while continuing the legacy that the original owner built.
In the future, they hope to manage multiple businesses under their umbrella, serve as mentors for other acquisition entrepreneurs, and contribute to the region’s thriving small business community.
But above all, they want to preserve what matters most, the small businesses that make a town like Bentonville more than just a dot on the map.
Because when we support small business owners in transitioning well, we’re not just helping entrepreneurs succeed, we’re keeping the heartbeat of our communities alive.
