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A Huge Number Of Area Business Owners Are Nearing Retirement. Will Workers Take Ownership?

construction work during coronavirus
Tony Dejak
/
AP
Workers install a new roof, Wednesday, March 25, 2020, in Parma Heights, Ohio.

People making up the Baby Boom generation own more than half of all businesses in Ohio, a recent study from Kent State University researchers suggests — and half of those older business owners plan to retire in the next 10 years.

Who will take over when they stop running those businesses? Some will pass them on to their kids or other family members. But a full 80% have not identified a plan. That could spell big problems for the economy.

One solution? Transitioning ownership to those who currently work for the business. That can be complicated, but a local organization and a statewide network are pushing to help older business owners do it, hopefully netting increases in economic equity along the way.

Joining Cincinnati Edition to talk about business succession and worker ownership are Co-op Cincy Business Legacy Fund Acquisition Program Manager Christopher Bennett; Ohio Employee Ownership Center at Kent State University Research and Program Assistant Michael Palmieri; and business owner Katie McGoron.

NPR One

Listen to Cincinnati Edition live at noon M-F. Audio for this segment will be uploaded after 4 p.m. ET.

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