The University of Kansas

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RedTire matches retiring pharmacist with new business owners

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.

Forbes calls RedTire a “national model” for addressing rural small business succession.