(MyKeeneNow) – With a large number of business owners nearing retirement age, The Hannah Grimes Center for Entrepreneurship in Keene is stepping up efforts to address the impending challenge.

The issue, often referred to as the “silver tsunami,” highlights the fact that more than 200,000 businesses in the Northeast are owned by individuals approaching retirement, according to a news release from the Hannah Grimes Center.

Only 17 percent of these business owners have a documented succession plan in place, putting countless jobs at risk. The situation is particularly dire in rural areas, where half of the business owners are aged 60 or older, the release said. These small businesses are often the backbone of their communities, providing essential goods and services.

In response, the Hannah Grimes Center, in partnership with the Northeast Transition Initiative, has launched a survey aimed at understanding the readiness of local business owners to transition their enterprises. The data gathered will be crucial for tailoring support services and resources to help these businesses navigate ownership changes smoothly.

Sara Powell, Program Director at the Hannah Grimes Center, emphasized the importance of this effort:

“Our goal is to support businesses at every stage, from startup to succession. This survey not only helps us better serve the needs of our community but also encourages business owners to take a proactive approach in planning their future.”

The Ownership Transition Survey seeks to gather comprehensive information on various aspects of business transitions, including ownership structures, employee demographics, and familiarity with exit strategies such as employee ownership. It also delves into the financial health of the businesses and their preparedness for a change in leadership.

The findings from this survey will be instrumental in guiding business service providers, civic leaders, and policymakers as they work to prevent the potential closure of businesses that are vital to the region’s economy. The survey is designed to be brief, taking less than 10 minutes to complete, and all responses will remain confidential.

Local business owners are encouraged to participate by completing the survey online. The input collected will play a critical role in shaping the future of small businesses across the region.