Small business closure crisis: Difference between revisions
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Link [https://project-equity.org/impact/small-business-closure-crisis/] | Link [https://project-equity.org/impact/small-business-closure-crisis/] | ||
With over half of all privately held businesses with employees having owners over age 55 in the United States, we are seeing a massive ownership changeover of locally held businesses as the Silver Tsunami of retirements continues to march forward. The vast majority of business owners do not have a succession plan in place, and increasingly, many are finding it hard to find a buyer when they are ready to sell. As a result, some of these companies will quietly close down, a very small percent will be passed on to family members, others will sell to another local owner, and some will be sold to a larger company or out of area buyer. Those in this last category will likely lay off employees and will further concentrate ownership and wealth. [[Project Equity]] | |||
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Latest revision as of 13:37, 2 March 2024
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With over half of all privately held businesses with employees having owners over age 55 in the United States, we are seeing a massive ownership changeover of locally held businesses as the Silver Tsunami of retirements continues to march forward. The vast majority of business owners do not have a succession plan in place, and increasingly, many are finding it hard to find a buyer when they are ready to sell. As a result, some of these companies will quietly close down, a very small percent will be passed on to family members, others will sell to another local owner, and some will be sold to a larger company or out of area buyer. Those in this last category will likely lay off employees and will further concentrate ownership and wealth. Project Equity