Walk down almost any main street across Western Kentucky and you’ll find more than businesses. You’ll find decades of hard work, family sacrifice, and community investment.
These are the companies that have supported local schools, sponsored youth sports teams, created careers, and become trusted names in their communities. Many have been built over decades by owners who poured their lives into creating something lasting.
Today, many of those owners are beginning to think about retirement.
Without a succession plan, successful local businesses can close their doors or be sold outside the community, taking jobs, relationships, and years of local impact with them.
Community Financial Services Bank (CFSB) and Sprocket believe there’s another way.
Through a new partnership, the two organizations are working to preserve locally owned businesses, support aspiring entrepreneurs, and strengthen the long-term future of Western Kentucky’s economy.
Building on a Shared Mission
CFSB recently became Sprocket’s Founding Corporate Partner, reinforcing a shared commitment to entrepreneurship, small business development, and economic growth across the region.
While one of the partnership’s primary focuses is Entrepreneurship Through Acquisition (ETA), the collaboration extends far beyond a single initiative. Together, CFSB and Sprocket will support mentorship, business education, strategic programming, and resources designed to help entrepreneurs and business owners at every stage of their journey.
For CFSB, the partnership is a natural extension of community banking.
For decades, the bank has helped businesses start, grow, expand, and transition between generations. Supporting business succession simply builds on that legacy.
“Strong communities are created when people are willing to invest in ideas, in relationships, and in the future of local business,” says Jennifer McIntosh, Business Development Officer for CFSB in McCracken County. “Our partnership with Sprocket reflects the heart behind our CREATE initiative. We believe in helping entrepreneurs and small business owners access the support, mentorship, and connections they need to succeed. When local businesses grow, our entire region grows with them.”
That philosophy aligns naturally with Sprocket’s mission.
As Western Kentucky’s Innovation Hub, Sprocket serves entrepreneurs across a 22-county region by connecting them with the people, resources, education, and guidance they need to build successful companies. Whether someone is exploring a business idea, growing an existing company, or preparing for expansion, Sprocket provides support throughout every stage of the entrepreneurial journey.
A Different Path to Business Ownership
As Sprocket worked with entrepreneurs throughout the region, one challenge became increasingly clear.
Many successful business owners were approaching retirement, while many aspiring entrepreneurs dreamed of business ownership but assumed they had to start from scratch.
Entrepreneurship Through Acquisition, or ETA, bridges that gap.
Instead of launching a brand-new company, entrepreneurs purchase an existing, successful business and continue building on the foundation that’s already in place. At the same time, retiring owners gain an opportunity to preserve the businesses they’ve spent years building while protecting employees, customers, and community relationships.
The West Kentucky ETA initiative focuses on education, connection, and early awareness around business succession. Rather than serving as a broker or facilitating business sales, Sprocket acts as a neutral convener, bringing together business owners, future buyers, lenders, accountants, attorneys, and trusted advisors to help them better understand the transition process.
The initiative is led by Sprocket board member Terri Lundberg, who brings personal experience after successfully selling her own company. Sprocket also offers a private ETA community where business owners, future buyers, and advisors can connect, ask questions, and learn from one another, while quarterly educational events help make business succession easier to understand.
According to Sprocket Executive Director Monica Bilak, partnerships like this strengthen the entire entrepreneurial ecosystem.
“Community Financial Services Bank recognizes that entrepreneurship doesn’t grow in isolation,” Bilak says. “It grows through relationships, trust, mentorship, and access to opportunity. Together, we’re building a stronger pipeline for entrepreneurs, helping existing businesses grow, and creating the kind of connected innovation ecosystem that keeps talent here and attracts new ideas to our region.”
More Than Financing
CFSB’s involvement goes well beyond providing loans.
The partnership closely reflects the bank’s CREATE campaign, particularly its focus on creating opportunity, creating growth, and creating legacy throughout Western Kentucky.
CREATE Opportunity reminds entrepreneurs that ownership doesn’t always begin with a blank slate. Sometimes the opportunity is purchasing an established local business and writing its next chapter.
CREATE Growth recognizes that businesses with proven customers, experienced employees, and strong community relationships can continue thriving under new leadership.
CREATE Legacy ensures the businesses that have served Western Kentucky for generations continue serving future generations instead of disappearing when an owner retires.
Supporting entrepreneurs also means providing experienced guidance along the way.
Commercial Lender Seth Helton has joined Sprocket’s mentor network, where he helps entrepreneurs navigate financing strategies, business growth, and Small Business Administration (SBA) lending opportunities that often make business acquisitions possible.
Beyond mentorship, CFSB and Sprocket also plan to collaborate on educational resources covering financial planning, business development, succession planning, and funding opportunities for local business owners.
A Real Story Close to Home
One upcoming event brings the concept of Entrepreneurship Through Acquisition to life.
On August 6, Sprocket will host Selling, Buying & Financing a Business: The Story of Puckett’s Jewelry, a free community event presented in partnership with CFSB.
Rather than discussing business succession in theory, attendees will hear directly from Dave and Martha Puckett, who sold the business they spent years building; Hannah Lewis, who became its new owner; and Seth Helton, the CFSB commercial lender who helped finance the transition. The discussion will be moderated by Terri Lundberg.
The evening offers an honest look at what made the transition successful, the challenges encountered along the way, and the lessons both buyers and sellers can take into their own business journeys.
For business owners thinking about retirement, entrepreneurs considering ownership, or community leaders interested in strengthening Western Kentucky’s economy, the event provides practical insight from people who have experienced the process firsthand.
Investing in Western Kentucky’s Future
Economic development isn’t only about creating new businesses. It’s also about protecting the businesses that already serve our communities.
Every successful ownership transition preserves jobs, keeps local expertise in Western Kentucky, and creates opportunities for the next generation of entrepreneurs.
“Sprocket is creating meaningful opportunities for entrepreneurs and future business leaders, and we are excited to come alongside that mission in a way that helps create lasting impact for our region,” says Angela Meyer, McCracken County Market President for CFSB.
Ultimately, the partnership between CFSB and Sprocket reflects a shared belief that strong communities are built through relationships, education, mentorship, and long-term investment.
By helping today’s business owners plan for tomorrow while preparing the next generation to lead, they’re ensuring the businesses that have shaped Western Kentucky continue creating opportunity for many years to come.
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