NPQ – Nonprofit Takes Leadership Role to Address Business Succession “Tsunami”

From NPQ:

Here at NPQ, we have noted that a business ownership succession wave—often called the “silver tsunami”—is rising. According to the nonprofit Project Equity, nationally “baby boomers own 2.34 million businesses, employ 24.7 million people, and have combined annual sales of $5.14 trillion.” Sadly, 80 percent of these businesses lack succession plans. Slowly, awareness of the looming crisis is growing—and some communities are responding. Bounded by the eastern edge of Lake Ontario on its west, Canada to the north, and Lake Champlain to the east, the Adirondack North Country region contains 14 counties and 1.26 million people. The Plattsburgh Press-Republican reports that, “More than 10,000 business owners [are] nearing retirement in the North Country.”

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