(INDIANAPOLIS) - Indiana has a small business problem coming fast.
More than half of the state's business owners are 55 or older. That means thousands of local shops, companies and family-run employers are getting closer to a handoff -- whether they are ready for it or not.
A new Silver Tsunami report by the IU Business Research Center, commissioned by Governor Mike Braun's Office of Entrepreneurship and Innovation, says businesses owned by Hoosiers age 55 or older represent more than $200 billion in annual revenue.
Those businesses also support more than 900,000 jobs.
State officials say the risk is especially high in rural counties, where there are more aging business owners and fewer resources to help them find new owners.
The concern is not just retirement. It is what happens if a longtime local business closes because no one is ready to take it over.
Braun's Office of Entrepreneurship and Innovation is working with the Indiana Chamber of Commerce to help small business owners make succession plans, assess whether their businesses are ready for transition and connect with advisors.
The state and the Indiana Chamber recently hosted a statewide webinar for business owners, advisors and community leaders.
They plan to host another webinar later this year with more guidance, planning tools and examples of successful business transitions.