Every day 10,000 Baby Boomers reach retirement age, until 2030. In 2012, 71% of manufacturing firm owners nationwide were Baby Boomers or older and are likely to retire in the next decade. Manufacturing is one of the largest sectors by employment in Cincinnati, providing a significant number of family-sustaining jobs. However, the sector is at risk of losing many of these jobs due to a lack of succession planning.
For this reason, CUCI is looking for small to medium-sized manufacturing business owners that would like to tell their story and help us understand better the state of this issue locally. How have they approached succession planning? What challenges have they encountered when thinking about this? Do they know all available exit strategies, including selling to their employees through ESOPs and worker-ownership?
Are you a business owner, or know of one, considering retirement or exiting the business? CUCI is on the lookout for viable businesses considering an ownership transition to the workers.
If that is you, we encourage you to fill out this form: