Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Business Succession topic
No spam. Unsubscribe anytime.
Governor Braun unveils 'Keep In' initiative to help aging Indiana business owners plan succession
Summary
Governor Braun and Brian Schutt launched the "Keep In" initiative and the Office of Entrepreneurship and Innovation to help Main Street businesses plan exits and preserve locally owned firms, citing research showing many owners are over 55, low exit-plan rates, and job risk estimates.
Governor Braun unveiled a new state initiative aimed at keeping small businesses locally owned and helping owners plan orderly transitions as they age. The governor introduced Brian Schutt as head of the new Office of Entrepreneurship and Innovation, and Schutt laid out research and partnerships to support succession planning for Indiana’s Main Street businesses.
The new "Keep In" initiative is designed to connect aging business owners with tools, education and a marketplace to help value and transition companies without liquidating them, officials said. "Keep In is about keeping businesses locally owned in Indiana," Brian Schutt, head of the Office of Entrepreneurship and Innovation, said at the event.
Why it matters: state and national research cited at the announcement shows a large share of small businesses are owned by older proprietors and that few have formal exit plans, creating risks to jobs and local economies. Schutt said more than half of Indiana’s small- and medium-sized businesses are owned by people 55 or older; he reported an estimated range of 679,000 to 906,000 jobs could be affected as that generation transitions, and said that cohort accounts for roughly one in five dollars of the state’s GDP. Schutt also cited national research indicating many small businesses close rather than transfer ownership and referenced a McKinsey figure used to illustrate the scale of the problem.
What the state will do: Schutt described a mix of research, outreach and partnerships. The office completed three phases of research with the Indiana Business Research Center to identify gaps and opportunities. The Exit Planning Institute will contact business owners over the coming months to assess planning needs, and the administration announced a partnership with SMB.co to provide a sell-side marketplace and valuation tools to help owners understand value and growth opportunities. Schutt said the office will also work with the Indiana Chamber of Commerce on an education series to give owners practical guidance before transitions become urgent.
Program emphasis and limitations: Schutt emphasized the initiative will work alongside local leaders rather than impose top-down solutions. He said the effort is intended to support local economic-development leaders and business owners and to surface where targeted interventions or resources are needed. On exit-planning prevalence, Schutt cited national findings that only about 15% of older business owners have documented exit plans.
Local example and anecdote: Governor Braun described his own experience running a business for 37 years and noted that having the next generation step in (he said his two sons joined the business about 20 years ago) changes the succession dynamics; he used his wife’s Main Street shop as an example of a business that has lasted decades and faces future ownership decisions.
Next steps: officials said research findings will guide program design and local outreach. Schutt invited local leaders and business owners to share ideas and expected outreach to begin in the coming months. "We know this is going to necessarily involve local leaders and local decision making," Schutt said, and he closed by thanking collaborators and offering to take questions.
(Program names and partners cited at the event: Office of Entrepreneurship and Innovation; Indiana Business Research Center; Exit Planning Institute; SMB.co; Indiana Chamber of Commerce; McKinsey — as referenced by event speakers.)
