There is an urgent need for communities to address the impending retirement of baby boomer business owners, stressing the significant demographic shift and the lack of succession plans. There are risks posed by business closures and the importance of supporting business owners through initiatives like the Owner Readiness Hub, which provides tools and resources for succession planning and growth. By investing in these businesses, communities can safeguard their economic assets and cultural identity, fostering collaboration and proactive measures to ensure continued prosperity.

Dive into an exclusive live demo and info session to showing how to retain and support their existing businesses through a new owner engagement approach and a turn-key online learning and engagement platform called the “Owner Readiness Hub”. Take a look at the key tools and resources built to help business owners plan and make better, more informed decisions around the succession (or lack thereof) of their business. Original webinar date: Tuesday, November 14, 2023.

“Overspecialization can lead to collective tragedy even when every individual separately takes the most reasonable course of action.”

– David Epstein, Range

“Goldfish don’t see water. Goldfish see what’s in the water, they see what’s refracted through the water, but I assume… that goldfish don’t see the water itself. And yet there it is. It’s their environment… It shapes everything they do and everything they see. But they don’t see it.”

When a government, community, or organization commits to diverse supplier initiatives, they gain access to new products and services, enhance market competition, create and maintain local job creation, support innovation, and create opportunities for underrepresented groups. They also score big with consumers.

Business continuity, according to Wallace and Webber, is a business’ ability to provide goods and services to customers despite significant disruption and challenges. But what happens to the customers and employees if the business can’t continue?

Small and medium size businesses are clearly major contributors to both local and global economic vitality. Communities need to be actively involved in retention efforts to ensure local businesses are resilient enough to weather external pressures such as an aging population, natural disasters/pandemics and rising inflation.

Calculate the wealth and income impact of failed baby boomer business transitions in your community.

The RFN Cities Business Disruption Rating highlights the risk communities are facing based on a number of key factors, including the impact of transitioning baby boomer business owners.

Manufacturing is facing a talent shortage in the US. It is predicted that the next ten years will see 3.5 million manufacturing job vacancies requiring skilled labor. What will the impact be on your community?

Watch the online summit held Wednesday, September 16, 2020, presented by: Guillermo Mazier and Sean Hutchinson.

The RFN Cities white paper takes a look at how communities can prepare for economic uncertainty.