Succession: Selling a Bookstore - Judith Rosen
The New England Independent Booksellers Association couldn’t have chosen better timing for the workshop on “Planning Your Bookstore’s Next Chapter,” just one day after nine-year-old Porter Square Books in Cambridge, Mass., announced that was putting itself up for sale. Close to 40 booksellers attended the workshop led by Donna Paz Kaufman and Mark Kaufman of Paz & Associates at the Biltmore Hotel in Providence, R.I., on March 12.
Time is an issue for potential buyers like Hines, who grew up shopping at Eight Cousins, worked there summers, and told owner Carol Chittenden to keep her in mind if she ever wanted to sell. After getting her degree, Hines began working at the store full time last summer; she and Chittenden told the staff that they were “dating.” “This is a year of research,” said Hines, who has been getting free mentoring on running a small business from SCORE, a nonprofit supported by the Small Business Administration.