As more US business owners retire many are selling up to their staff
Some six million bosses of American firms will be entering retirement between now and 2035.
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Notable Quotes
"I'm getting personal emails from employees saying, 'well, have you thought about this idea?'."
— Tricia Salcido , Executive
"The new [outside] ownership might move the business, they might shut it down, or drastically change it in other ways, and the people remaining are stuck."
— William Stockwell , Executive
"It’s heartbreaking. It’s gut-wrenching … but I know that God’s got a plan."
— Mary Rajasekhar , Other
"There hasn’t been enough conversation starting about this."
— Doug Lepisto , Academic
Key People
Co-founder of Sleeping Giant Capital and a business professor at Western Michigan University.
Ethan Rouen is an associate professor at Harvard Business School.
She owned Olivet Book and Gift in downtown Alpena for 35 years.
Tricia Salcido is the former sole owner and current CFO of Softstar Shoes.
William Stockwell is the owner of Stockwell Elastomerics, a Philadelphia-based manufacturer.
Tags
All Coverage
Some six million bosses of American firms will be entering retirement between now and 2035.
A significant number of business owners are retiring without succession plans, leading to potential closures and economic challenges for local communities.
An estimated six million small businesses in the U.S. will change ownership by 2035, highlighting the need for effective succession planning.
Explores the expectations and realities of business owners remaining involved post-sale, emphasizing the importance of preparing for a clean exit.
Discusses the significance of succession planning for small business owners aiming to establish a lasting legacy and ensure business continuity.
Advises on the importance of early and thorough exit planning for business owners to achieve a successful transition and secure retirement.
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