PART 2 – Tuesday, October 23rd, Dave Franzetta, co-author of Changing Places, talked with radio host, Stu Taylor, on Money Maters Radio, broadcast out of WBNW in Boston. This is Part 2 of a 4-Part edited version of the radio interview.
STU: Well let’s take a look at today’s world and I think you have to apply it to that. Whether you look back 10 years, 20 years, or whatever. Today’s world? It’s different today. So what is the significance of your book now, today, in this economy?
DAVE: Our timing was perfect. Changing Places can help all of us in this country see that we had better focus on small businesses and the very importance of small business today as they are the engine for job creation and economic growth.
STU: Small businesses, big role.
DAVE: All the data supports that proposition. According to The Bureau of Labor Statistics, there are 30 million small businesses today in the United States. They account for more than 10 trillion dollars of personal wealth. That’s not a small number. They employ 53% or more than half of all workers in this country. Those small businesses are responsible for 64% of all the net new job creation. That’s jobs after job loss. Just in the past decade, 70% of all jobs in the US were created by small businesses, businesses with less than 10 million dollars of revenue. But 60% of small business owners were born before 1964. The Baby Boomers! There are so many of them, one Baby Boomer, who is a small business owner, is turning 65 every 57 seconds. And that’s going to continue for the next 17 years.
STU: At rate of one per minute. Wow.
DAVE: Despite that fact, 90% of small business owners will tell you, hey, it’s really important to have an exit plan when leaving the business, less than 1 in 8 has actually committed any part of a leadership continuity plan to writing. There is so much at risk right now in the way of jobs and owner’s legacies and business assets to simply do nothing and hope for the best. So we hope that our book will provide a path for business owners to develop and execute the roadmap and the plans they will need to secure the future. Not just for themselves but for their families. And as importantly, for their employees.
STU: While that sets in, we’ll take a break…
To be continued…stay tuned for the next blog post!
Check it out: “Changing Places: Making a Success of Succession Planning for Entrepreneurs and Family Business Owners”(published by AuthorHouse). Feedback please to: firstname.lastname@example.org
LAGUNA NIGUEL, CA – (DAVE FRANZETTA > 9am PDT, 112312)