The Community Sector Council has released a new guidebook promoting community-based ownership of small businesses.

The guidebook explores the concept of social succession planning—which essentially refers to community groups taking over small businesses when the owners decide to sell.

The organization points to national research indicating that thousands of small business owners plan to retire in the next few years and may be looking for buyers.

CEO Penny Rowe says community-based ownership could provide opportunities for community groups to take over businesses that might otherwise close, thus sustaining vital local services while also developing revenue streams for core operations.