A recent article published by The State Science & Technology Institute cites a report that found that three-quarters of all family-owned manufacturing companies in the Chicago region are operated by someone older than the age of 55, and of these companies, roughly half do not have a succession plan. The article also cites centers affiliated with the NIST Manufacturing Extension Partnership (MEP) as resources that have potential to play a major role in supporting sustainable succession planning among family-owned manufacturers. Insyte Consulting is the MEP center that serves the Western New York region. If you own a manufacturing business, are over the age of 55 and do not have a succession plan, contact Insyte today to learn how we can help: email@example.com or call 716-636-3626.
Read the full article here.
Update: Insyte Consulting is hosting a workshop on Wednesday, May 15th – Succession Planning for Small & Medium-Sized Manufacturers – a practical and interactive workshop in which participants will learn about and develop an initial transition and succession plan for their business. Call 716-636-3626 to register.
Check out more of our blog & newsletter posts on Succession Planning here: