Gov. Braun helps small businesses prepare for the future, keep jobs in Indiana

Indiana Governor Mike Braun is providing small businesses across Indiana with the tools they need through a new webinar series that's part of Keep IN—an initiative launched by Gov. Braun in May to provide small business owners with resources and support as they plan their futures.

The webinar will assist some of the more than half of Indiana business owners who are nearing retirement age, thus helping protect some of the hundreds of thousands of jobs those business owners have created and keeping their businesses in Indiana. 

“Indiana’s small businesses power communities across the state, helping them grow and thrive,” said Gov. Braun. “Supporting business owners as they consider their next steps is critical to keeping those businesses anchored in Indiana, supporting jobs, families and our state’s economy.”

The free, one-hour virtual event on Nov. 2, a partnership between the Indiana Office of Entrepreneurship and Innovation (OEI) and the Indiana Chamber of Commerce, will explore strategies for business owners evaluating the future of their companies.

The upcoming webinar will explore three distinct exit strategies – family office, employee ownership and entrepreneurship through acquisition – and offer practical insights to help owners evaluate which approach may best support the future of their company, employees and legacy.

More than half of Indiana’s business owners are aged 55 or older, representing more than $200 billion in annual revenue. The Silver Tsunami report by the IU Business Research Center, commissioned by OEI and released earlier this year, shows that without proactive planning, Indiana risks losing many of these businesses and the jobs they support.

“Business succession can be a complex process, and owners benefit from understanding the full range of paths available to them,” says Indiana Chamber President and CEO Vanessa Green Sinders. “This webinar series draws on the expertise of the Indiana Office of Entrepreneurship and Innovation and the Chamber’s connection to the business community to provide useful guidance as owners consider what’s next.”

More than 900,000 jobs are supported by companies owned by Hoosiers age 55 or older, and rural counties face a higher risk of losing businesses because of high concentrations of aging owners and fewer resources for transitioning to new ownership.

“Indiana is approaching a critical time, but it also represents a tremendous opportunity for our state,” said Indiana Secretary of Commerce Chuck Goodrich. “Providing and strengthening resources for business owners to plan ahead will ensure Hoosier small businesses will continue to drive the state’s economy forward for decades to come.”

Those interested in attending the free, one-hour webinar can register online here.