Lakeland Currents: Business Transitions
Host Ray Gildow welcomes Peter Nelson from the Small Business Development Center at Central Lakes College, Dan Frank of the Initiative Foundation, and Richard Jordan from SCORE/Small Business Administration. The Small Business Administration estimates that 60% of small businesses will change ownership over the next 10 years due to aging and retiring business owners. This fundamental change is cause for local and regional economic concerns if these business owners have not positioned the business for transition. An optimized business transition strategy is beneficial to both buyer and seller of a business.