Poor Richard’s has turned the page on its next chapter.

After 51 years in business, owner and founder Richard Skorman and his wife and business partner Patricia Seator on Wednesday officially turned over ownership of the downtown Colorado Springs establishment to its next stewards, couple Joe Cole and Sarah Gibeau-Cole.

“We really love the business and our community here, and our staff, and we feel a sense of fulfillment, so there’s a lot of sadness about letting go,” Seator said on Thursday. “But we’re also really excited because it was our plan, and it’s happening with the best people we could possibly imagine passing it to.”

Over five decades, Poor Richard’s, which Skorman launched as Poor Richard’s Used Paper Books when he was still a senior at Colorado College in 1975, has transformed from a bookstore to a beloved community hub and legacy business operating on North Tejon Street downtown.

Home to the city’s oldest operating bookstore, the Poor Richard’s concept expanded several times throughout the years, establishing itself as a local landmark that now includes a book and gift store, a toy store, a restaurant and wine bar.

Poor Richard’s has served generations of visitors from all ages and backgrounds, hosting trivia nights, open mics and live music while welcoming the families, friends, artists, book clubs, activist groups and other community organizations who gather there.

Its valuable role in the community made it critical, Skorman and Seator said, that the next owners preserve its heart and soul.

“We wanted to make sure that whomever we sold to would make everybody feel welcome,” said Skorman, a former Colorado Springs councilman who served four times between 1999 and 2021. He resigned from his position on the council in November 2021 during the COVID-19 pandemic to focus on his business.

He and Seator listed Poor Richard’s for sale in fall 2024 and received several offers, ultimately selecting “like-minded” Cole and Gibeau-Cole as their successors.

The couple promises to carry on Poor Richard’s spirit, values and charm into the next era.

“You talk about hidden gems, but the beauty is this one’s not hidden. It’s a gem,” said Cole, a former news director and longtime anchor at Fox 21. “… I like to say that Poor Richard’s is like Colorado Springs’ living room, where everybody’s welcome, right? You walk in, you feel comfortable. You know everybody, you know the place, and we want to just continue that legacy.”

Gibeau-Cole, a Springs native and lifelong patron of Poor Richard’s, said the business has held a special place in her heart since she was a child. She recalled growing up walking the aisles of the bookstore and enjoying a slice of pizza from time to time as a girl; those are experiences she got to share with her children, and ones she wants to uphold for generations to come, she said.

“There’s nothing else really like it that I’ve ever been to, and it’s here in our hometown of Colorado Springs,” said Gibeau-Cole, who has a financial background and is completing her master’s degree in public policy and health. “… It’s definitely a staple and (a place) where community can join and everyone feels accepted.”

Cole said the transition from his previous career in media to co-owner of Poor Richard’s still allows him to provide a public service to the community.

“It’s still all about community, and that’s what we loved about it. It was just a perfect fit,” he said.

All of the company’s 47 employees — many who have been with Poor Richard’s for a decade or more — will stay on with the new owners.

This was another critical point of the sale, Skorman and Seator said. Their employees are highly knowledgeable and provide customers an elevated retail experience by offering individualized recommendations for toys, books and other gifts, for example.

Seator and Skorman will still be around. They plan to assist with the transition over the next 30 days and customers may even catch Skorman bussing tables from time to time. He’ll also continue playing the role of “Downtown Parking Elf” every Christmas, though he may share the role with Cole, feeding hungry parking meters for holiday shoppers.

But now in their 70s, it’s time Seator and Skorman turn their focus on other passions, she said.

An artist and Qigong teacher, Seator will expand the classes she offers to the community.

Skorman will focus on his environmental passions, including Richard’s Rubbish Roundup, the nonprofit he founded in October 2023. Every Tuesday, weather permitting, Skorman and other volunteers clean up litter across the Pikes Peak region’s waterways, parks, trails, medians, highway exits and other public rights of way.

Residents celebrated the sale on social media, offering congratulations and support to the new owners and thanks and well wishes to the former.

Many also shared their favorite memories of Poor Richard’s over the years.

“Big thanks to Richard and Patricia! Poor Richard’s has been our living room to laugh, cry, connect and celebrate. Enjoy your retirement!!,” Joanne Feenstra wrote on a Thursday morning Facebook post announcing the sale. “Congratulations to the Coles and thanks for carrying on the tradition and legacy for our community.”

A public celebration featuring all four owners is planned for May 3.

Editor’s note: This article has been updated to clarify Poor Richard’s bookstore as the oldest still in operation in Colorado Springs.