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Published December 20, 2018
A weekly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.
By Matt Melinkovich, Timberline Training
If someone told you that about half the people who run 50 percent of America’s most active and inventive businesses will retire in the next five to 10 years, would you care?
Ownership transition is deadly for the 90 percent of American small businesses that are family-owned or closely held: By some estimates, fewer than 30 percent survive to the second generation and just 5 percent to the third. These small businesses are the very foundation of this nation, responsible for 45 percent of the United States’ gross national product. While 80 percent of them have 20 or fewer employees, they generate more new products, create more jobs and contribute more to local communities than the large corporations, according to The PricewaterhouseCoopers Family Business Survey 2007/08; Making a Difference; Family Business Series.
Let’s face it. The baby boomer generation that created this growth is getting tired. Aging boomers are considering their retirement options, and many are reluctant to stay and fight through one more recession. This trying economy and uncertain market forecast are pushing many small-business owners to step away from their role, resulting in one of the largest turnovers in management in the history of American family-owned business.
Family-owned and closely held businesses endure or die out depending upon how effectively they plan for the future. With the help of professional service providers, those that survive the coming family business crisis will recreate the energy and wonder that fueled the original entrepreneurial spirit that made this nation great.
You can learn more about the strategic importance of business succession planning during the upcoming Wyoming SBDC Network webinar, titled “Business Succession Planning -- It’s Never Too Early.” To register for this no-cost class, click here.
The Wyoming SBDC Network offers business expertise to help Wyoming residents think about, launch, grow, reinvent or exit their business. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.
To ask a question, call 1-800-348-5194, email firstname.lastname@example.org, or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.