2.34 Million businesses are owned by those born between 1946 and 1964. These businesses employ ~ 24.7M, with a payroll of $949B and annual sales exceeding $5T dollars.
In Indiana over 42 thousand businesses are owned by Boomers, employing over 500K workers, with a payroll of $18B and sales exceeding $100B dollars.
The wave of boomer retirements, and their business successions is here NOW. Lack of succession planning by these business owners will potentially lead to the loss or relocation of thousands of jobs and instability in local economies across Indiana.
One option for these business owners to consider is employee ownership, particularly in the form of worker co-ops.
What are the Benefits of Employee Ownership
- Financially rewarding exit path with potential tax benefits for selling owner(s)
- A lasting legacy for the selling owner(s)
- Rewards employees for their role in building the business
- Has the potential to improve business performance and increase employee engagement, productivity, and retention
- Retains services, jobs, wealth, and tax base in the local community
