Business Sense | Employee-owned businesses are weathering the recession. Let’s do more. – Time standard

Business Sense |  Employee-owned businesses are weathering the recession.  Let's do more.  - Time standard

Before the pandemic hit, did you ever wonder what would happen to your favorite local business when the owners retire? What about the workers in these companies? Have you lost a favorite neighborhood spot? One year after the onset of a pandemic-fueled recession, do you wonder what our main streets will look like once the crisis is over?

We were already in a business succession crisis before the pandemic. Half of all employers in the country are small businesses owned by “baby boomers” approaching or exceeding retirement age. In communities like ours * creation of small businesses more 20 years ago account for 63% of income and 40% of jobs. (* The rural county that is home to Bellingham, Washington.) In 2004, the Small Business Administration reported that only 15% of the family…

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