New Research Details Effects of ‘Silver Tsunami’ on Local Economies and What To Do About It

From Whatcom Talk:

Project Equity, a nationwide nonprofit dedicated to advancing community economic resiliency, released a report today examining the small business landscape in Washington, and the potential transfer or closure of many of these businesses as baby boomer owners retire over the next 15 years. This data, gathered in partnership with and commissioned by the Whatcom Community Foundation, shows the vulnerability of Washington communities, including Whatcom County, in terms of job and revenue loss as aging business owners, many of whom do not have a succession plan, sell or close their businesses. The report also highlights the potential for communities to retain business, jobs and the associated revenue by encouraging and facilitating transitions to an employee ownership model. Owners retire well, while preserving the legacy of their years of hard work. Employees and communities enjoy the many benefits that come with employee owned enterprises.

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