Manufacturing Succession Solutions: A Proactive Approach to Inclusive Industrial Retention

March 26, 2024 – Manufacturing Renaissance, League of Black Women, Ravinia Capital, and MxD hosted an event to raise awareness and raise funding to support the Manufacturing Succession Solutions (MSS) project. MSS is not a new idea, but its a new initiative to build up the programmatic infrastructure needed to engage and provide services to small-to-medium manufacturers who may be at risk of closure due to lack of a succession plan, which in the US is 62% of manufacturing company owners are 55 and over. Furthermore, in the US, 90% of manufacturing company owners identify as White compared respective to population sizes. In a survey by the UIC Great Cities Institute, 73% of respondents were over 55 and 50% indicated that they have not yet made plans for succession and 62% indicated they had no successor yet chosen.

The event featured speakers including:

Through informative presentations, our panel made the case for why this timely issue matters and why are looking at the broader public for support. Read more from Crains Chicago Business.

This is a crisis if left unaddressed that can lead to rapid loss of jobs, products, services, family and government revenue that could have major negative impacts across our region and beyond.

This is also an opportunity to ramp up a variety of technical assistance supports for small-to-medium enterprises, including ownership succession planning that creates clear connections to underrepresented populations at the ownership levels of the manufacturing sector, Black, Latino, persons of color, women, workers and others who are ready for ownership opportunities.

Diverse, local ownership makes our industrial sector more resilient, keeping good companies and good jobs in and near our communities and serving as a more accessible source for expanding wealth creation opportunities for both retiring and a new generation of owners and their families.

Join us, get involved, learn more, contact David Robinson, drobinson@mfgren.org, 773-278-5418 x19.

Facebook
Twitter
LinkedIn
Pinterest