America’s Small Logistics Firms Need a Succession Plan | Opinion
Summary
Many small logistics businesses in America face closure as their owners retire, which could disrupt supply chains and hurt workers and communities. Experts suggest that planning for business succession—finding new owners who understand the company—can protect jobs and keep these businesses running.Key Facts
- About six million small and midsize businesses may change ownership by 2035 as baby boomer owners retire.
- Over one million of these businesses could be sold, with a total value of up to $5 trillion.
- In 2022, 92% of small-business owners closed their businesses instead of selling them.
- Closing these businesses affects employees, customers, local tax revenue, and the supply chain's competitiveness.
- Selling to experienced buyers who respect the workforce and company knowledge can help maintain business success.
- Effective succession planning could preserve up to 12 million jobs and $250 billion in local spending each year.
- Small logistics business owners are advised to prepare early by organizing finances and seeking expert advice.
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