A Forbes article cites a study by Great Cities Institute on manufacturing ownership succession. The article talks with Dan Swinney of Manufacturing Renaissance about the newly launched Ownership Conversion Project, a partnership with Chicagoland organizations to save manufacturing companies and jobs and boost entrepreneurial opportunities for people of color.
A little more about the numbers: In Illinois, about 99% of manufacturing companies are white-owned, according to Manufacturing Renaissance. At the same time, 73% of the manufacturing companies in the Chicagoland area have an owner over the age of 55, according to study by UIC Great Cities Institute. And 61% have not chosen a suitable successor.