Ryan E Hamilton
Background:
Data points:
- The average life span of a family-owned business is 24 years. Source: Cornell University's Smith Family Business Initiative
- About 40% of U.S. family-owned businesses transition into a second-generation businesses, approximately 13% are passed down successfully to a third generation, while 3% survive to a fourth or beyond. Source: Cornell University's Smith Family Business Initiative
- 32% of our family businesses were apprehensive about the transfer of the business to the next generation. Source: Cornell University's Smith Family Business Initiative
- Nearly a third (31.4 percent) of family owned businesses have no estate plan beyond a will. Source: Cornell University's Smith Family Business Initiative
A solution:
Do you agree that creating paths to cooperative ownership models would benefit both families and retiring small business owners in Minnesota? Here's the status of this proposal and what you can do to help bring it into law:
Status: This policy proposal needs a legislative champion!
Take Action: Connect with your State Senator and State Representative to ask them to introduce this policy as a bill in the legislative session. You can get the tools you need to schedule meetings with your legislators and make your pitch on the Take Action page.
Meeting with your legislator? Bring these materials:
Click the button to download a copy of the bill. You can give this bill to your legislators to discuss it with them:
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