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…
News Highlights Business
- Headline: Business Sense | Employee-owned businesses are weathering the recession. Let’s do more. – Time standard
- Check all news and articles from the Business news updates.