INDIANA – Governor Mike Braun is keeping small businesses anchored in Indiana by providing them with tools for succession planning. Braun’s Office of Entrepreneurship and Innovation (OEI) recently hosted a statewide webinar with the Indiana Chamber of Commerce, bringing together business owners, advisors, and community leaders to confront one of the state’s most urgent economic opportunities.
More than half of Indiana’s business owners are aged 55 or older, representing more than $200 billion in annual revenue. The newly released Silver Tsunami report by the IU Business Research Center, commissioned by OEI, shows that without proactive planning, Indiana risks losing many of these businesses and the jobs they support.
“Indiana’s small businesses are the bedrock of our economy and the foundations of communities across the state,” Gov. Braun said. “Helping business owners prepare for their future is a key responsibility of my administration, building an environment where new owners and operators can step in, thrive, and keep Indiana’s local communities strong for generations to come.”
More than 900,000 jobs are supported by companies owned by Hoosiers aged 55 or older, and rural counties face a higher risk of losing businesses due to high concentrations of aging owners and fewer resources to transition to new ownership.
“This wave is one of the most significant economic moments of the next decade. But it’s also one of our greatest opportunities,” said Brian Schutt, director of the Office of Entrepreneurship and Innovation. “Across Indiana, there are strong, viable businesses that, with preparation, can find new ownership. Under Gov. Braun’s leadership, OEI is committed to strengthening resources for owners so businesses are sustained and expanded with new Indiana owners.”
OEI is working with the Indiana Chamber of Commerce as it leads efforts to educate, equip, and connect business owners with tools to navigate what can be a complex process.
“Thoughtful, intentional succession planning helps Hoosier business owners protect what they’ve built, preserve local jobs, and keep more companies rooted in Indiana,” offered Indiana Chamber President and CEO Vanessa Green Sinders. “Fostering these strong business transitions is essential to long-term economic vitality, and it directly supports the goals of the Chamber’s Indiana Prosperity 2035 plan by helping ensure our state remains a premier place to start, grow, and sustain a business for generations to come.”
Small business owners, advisors, and community partners can explore OEI and Indiana Chamber resources to assess business readiness and begin planning. The state and the Indiana Chamber will jointly host an additional webinar later this year, offering deeper guidance, tools, and examples of successful transitions.
Details will be posted at: indianachamber.com/successionplanning.
