Nonprofit Aims To Address Succession Gap Among Long Beach BusinessesRelease Date: 2019-06-03
By Pierce Nahigyan
Infogrphic source: Project Equity
Privately-held companies in Long Beach that are 20-years-old and older represent more than 2,500 of the city’s businesses and employ almost 47,000 individuals, according to data released by the nonprofit Project Equity. That’s an estimated 36% of the jobs in the city’s private sector, according to Evan Edwards, the organization’s director of strategic partnerships and business engagement.
“It’s really important that we preserve these businesses and these jobs, and Long Beach is one of those core communities that has long-standing industries,” Edwards explained.
Project Equity helps retiring business owners transfer ownership of their companies to their employees, and plans to begin local outreach this month. The organization is attempting to get ahead of the “silver tsunami,” a popular term used to describe the wave of retirements among the Baby Boomer generation that is anticipated to sweep across the United States over the next two decades. For businesses without succession plans, these retirements could have a major impact on local economies.
Read more on the Long Beach Business Journal