Last week the , an outreach center based in the College of Arts and Sciences, , Building Legacies: Retaining Jobs and Building Wealth Through Employee Ownership, that outlines three major challenges faced by Ohio today:
1. Baby-Boomer Business-Owners Set to Retire in Massive Numbers
In Ohio, baby boomers own 54 percent of businesses, representing 94,000 firms employing 2.6 million workers. Though more than half of these business owners plan to retire in the next decade, 80 percent do not have a formal succession plan. And, when put on the market, only 1 in 5 businesses actually sell.
2. Workers Face Low Wages and Instability
Today