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Posts tagged "transition plan"

Small Business Owners Need to Plan an Exit Strategy

The United States Small Business Administration defines a "Small Business" as generally one with less than 500 employees. Of the approximately 29 million businesses in the United States, 99% are, by definition, a small business. Ohio has approximately 927,000 small businesses representing 98% of all companies in Ohio, and those companies employ 46% of the Ohio workforce. A recent study published by Babson College estimates that more than 50% of America's small business owners are over the age of 50. Do they all have an exit strategy?