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America’s Small Businesses Need a Next Generation

As America approaches its 250th anniversary, millions of privately held businesses are preparing for a once-in-a-generation ownership transition. The decisions made today will shape entrepreneurship, employment and local economic resilience for decades to come.

As America approaches its 250th anniversary, conversations about economic competitiveness often focus on emerging technologies, workforce development and global competition. Yet one of the most consequential economic challenges shaping the country’s future is unfolding much closer to home: the transfer of millions of privately held businesses from one generation of owners to the next. How successfully those transitions are managed with influence employment, local investment and community resilience for decades to come. 

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The great ownership transfer is already underway

 Across the country, business owners who have spent decades building companies, creating jobs and supporting local communities are approaching retirement. While much attention has been paid to the Great Wealth Transfer, a parallel shift is underway: the Great Ownership Transfer.

 Family-owned manufacturers are being passed to second-generation leaders, employees are acquiring companies through ESOPs, and younger........

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