Description

The term “Silver Tsunami' is associated with the potential loss of local companies owned by baby boomers in the next few years as these owners move into their retirement years. Some 80,000 small businesses are owned by individuals that will be retiring in the upcoming years which will significantly contribute to the Small Business Closure Crises. Unfortunately, the vast majority of these business owners haven't planned for their exit from the company. This lack of planning can result in the businesses shuttering or being sold off to companies outside the local community. Many rural communities have a high concentration of aging business owners, which indicates that there is a high risk of losing those local companies. Exit planning is essential. Departing business owners could explore an employee ownership exit strategy, which is a reliable option that could assure security for employees and their families. You as an economic developer can drive the change by being more knowledgeable about this exit option. Speaker: Roy Messing, Director of State Center Operations, Employee Ownership Expansion Network