LAWRENCE — A University of Kansas School of Business program has received a 2016 Award of Excellence from the University Economic Development Association (UEDA).
The RedTire program – also known as the Redefining Retirement program – received the award in the UEDA’s Place category, one of five categories recognized by the Awards of Excellence program. The awards recognize organizations focused on developing economic prosperity in their communities and beyond.
RedTire works to sustain rural businesses in the U.S. by finding and matching new owners with those business owners seeking to retire and assists in developing and completing the financial transaction. From there, RedTire provides post-transaction counseling to better ensure business success and job preservation.
“We’re thrilled to be recognized as a nationwide best practice but equally pleased to be able to assist in preserving employment and the quality of life in communities in Kansas and the Midwest,” said Wally Meyer, RedTire director and the director of entrepreneurship programs at the KU School of Business.
Winners were announced during the UEDA Annual Summit in Roanoke, Virginia, earlier this month and were judged on factors of sustainability, replicability, originality and effect of the program or initiative. Leading entries were selected by attendees of the summit after going through a six-month process that included application, peer review and live presentations.
“For the past several years, UEDA has encouraged higher education institutions to think more comprehensively about how economic development and engagement activities connect to each other and to an institution’s core mission activities,” said Tim Hindes, UEDA executive director.
RedTire is an initiative of the KU Center for Entrepreneurship, housed within the KU School of Business.
The program currently is assisting 82 businesses and has completed 25 transactions, helping to preserve 201 jobs in Kansas. The program is a free service and is financed by the KU School of Business and grant support from the U.S. Department of Commerce and the U.S. Economic Development Administration.
More information about the program can be found at redtire.org.