Gov. Braun initiatives will define next generation of Indiana’s business owners
Indiana is entering a pivotal moment that will shape the future of its economy for years to come.
Over the next 10 years, tens of thousands of businesses across the state are expected to change ownership as aging business owners begin to retire. This wave of transitions, often referred to as the “silver tsunami,” is expected to be the largest transfer of privately held businesses in American history. But keeping these businesses alive and locally owned is not guaranteed — and Indiana Gov. Mike Braun is leading the effort behind this defining moment for Hoosier business owners.
According to a 2020 Census Bureau survey, 51% of small- and medium-sized businesses are owned by those 55 and older. In Indiana, that’s almost 300,000 business owners nearing an exit. These businesses are the backbone for many communities, accounting for roughly 45% of total employment statewide and in rural areas climbing to nearly 85%.
The question facing Indiana is not whether these businesses will transition; it’s whether they will transition successfully.
Too often, business owners wait too long to think about succession. National research suggests less than one-third have a formal exit plan in place. Without preparation, 92% of these businesses are closing, according to a February 2026 McKinsey report. Those that survive remain at risk of being sold in ways that move jobs, decision-making and long-term value out of local communities.
Concurrently, there is growing interest from a new generation of entrepreneurs who want to own and operate existing businesses rather than start from scratch. This concept, known as Entrepreneurship Through Acquisition (ETA), would allow Indiana to keep businesses locally owned while creating new pathways to entrepreneurship.
This gap between aging business owners and eager entrepreneurs is now being bridged by the Indiana Office of Entrepreneurship and Innovation (OEI), created in 2025 by Braun. Through his leadership, OEI is supporting small businesses and giving them the tools they need to be successful, and that includes ensuring existing businesses have a path toward staying in Indiana under new Hoosier ownership.
Rather than prescribing a single solution to succession planning, OEI is focused on supporting a range of pathways through the Keep IN: Business Succession Initiative, which includes family transitions, employee ownership models like ESOPs, and sales to individual buyers through emerging acquisition marketplaces.
One of the most important steps in this work is simply helping business owners start the process earlier.
That’s why OEI is supporting a regional pilot project in Northwest Indiana in partnership with emerging marketplace leader SMB.co.
The SMB.co platform is designed to make early stages of succession planning more accessible and less intimidating. Using publicly available data, the platform helps business owners:
- Get a free, data-backed valuation of their business
- Build their exit plan on their timeline
- Explore buyer interest before they’re ready to list
- Connect with qualified advisers and buyers when the time is right
One of the biggest barriers in the ownership transfer market is not a lack of buyers or businesses, it is a lack of early engagement. Many owners don’t know where to start, what their business is worth, or how long the process might take. By lowering those barriers, this pilot aims to build a stronger, more transparent marketplace.
Northwest Indiana was selected as an initial region because of its economic importance and concentration of small- and medium-sized businesses. The insights gained here will help inform how similar efforts can be expanded across the state.
For business owners, the message is simple: you do not need to have all the answers to begin.
Taking a first step — understanding your business’s potential value and engaging with available resources — can make a significant difference in the outcome when the time comes to transition.
For Indiana, the stakes are high. Successful ownership transitions mean preserved jobs, continued local investment and stronger communities.
This is a moment of both responsibility and possibility.
If you are a Northwest Indiana business owner, visit SMB.co/Indiana to begin preparing for the future. Your engagement will shape the tools and resources that aim to support business owners across the entire state.
Thanks to Braun’s focus on keeping Hoosier businesses alive and locally owned through ETA, Indiana’s next generation of business ownership is taking shape. With the right preparation and participation, we can ensure that businesses built here continue to thrive here — for years to come. •
Read more stories from the current issue of Northwest Indiana Business Magazine.
Common sense beats process
Bridge for skills gap
Passion project
Curiosity at heart
Quality trade show strategy
Employee wealth plans
Inside mid-career learning
Betting on Northwest Indiana
Digital infrastructure
Professional advancement
