For Doug and Kathy Funk, former owners of Funk Pharmacy in Concordia, Kansas, finding a buyer for their business was easy and stress free, thanks to KU’s Redefining Retirement program, or RedTire.
RedTire matches graduates of Kansas Regents institutions with owners of small and medium-sized rural businesses looking for a successor. The service is free to business owners and is financed by the KU School of Business and a grant from the U.S. Economic Development Administration.
“RedTire was a real service to us,” Doug Funk says. “It took away some of the anxieties of talking to potential buyers.”
On July 1, after six months of negotiations, Robb Rosenbaum, a graduate of the KU School of Pharmacy, and his wife, Meredith, took ownership of the pharmacy.
“RedTire helped each step of the way,” Rosenbaum says. “I felt comfortable and I had faith knowing that RedTire works independent of the buyer or the seller.”
Funk Pharmacy is the seventh business to complete a rematch since RedTire was launched in 2012. The program is currently assisting more than 100 business owners as they seek new ownership to preserve businesses in rural Kansas communities.