Are you thinking of transitioning your business? Philadelphia’s small business owners have more options than ever to plan for the future. Great news! The Department of Commerce’s Office of Neighborhood Economic Development in partnership with FUSE invites business owners to express interest in joining a 6-week business succession planning cohort that will highlight real-life pathways for business transition that builds wealth and legacy.

Philadelphia’s small business owners are the backbone of our neighborhoods providing essential goods and services. We are dedicated to helping them plan ahead and grow generational wealth.

Cohort topics

During the six-week cohort, participants will learn from industry leaders who understand the various aspects of small business ownership and transition. The course topics will include:

  • Guidance to explore transition pathways, such as passing the business to a family member, transitioning to employee ownership or selling to a local buyer in the neighborhood
  • Key legal, financial, practical benefits of a succession plan
  • How to start preparing business financials for a transition
  • Practical next steps to guide the creation of a realistic succession plan 
  • Common business transition pitfalls and how to avoid them
  • Local programs and resources available to help.

Eligibility criteria 

Eligible participants for this cohort must:

  • Be located in Philadelphia.
  • Be registered and licensed with the City of Philadelphia.
  • Be up to date on taxes or be in the process of setting up a payment plan.
  • Have been in business for at least 3 years.
  • Be considering retirement, sale or transfer of business ownership.

Cohort benefits

  • Information sessions: Free
  • Six-week cohort course: Free (meeting in person and online)
  • Course completers are eligible for up to $1,000 of technical assistance: Free  

Free information sessions

We are offering 30-minutes information sessions to help business owners learn what succession planning involves and decide if this cohort is a good fit:

  • Wednesday, January 28, 12 p.m. Click here to register.
  • Tuesday, February 3, 7 p.m. Click here to register.

Questions about this cohort? Email Sherrill.Berk@phila.gov.

As always, the Mayor’s Business Action Team at the Department of Commerce is here to support business owners for all aspects of doing business in Philadelphia. Contact us by emailing business@phila.gov or calling 215-683-2100.

We are here to assist your business