Lots of buyers out there

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WeCreate hosted a “Legacy Leaders” breakfast in November 2025, at CAPTRUST in Chesterton. It featured a fireside chat with Wade Breitzke of WeCreate (left), Mark Chamberlain of CAPTRUST (middle) and Gus Olympidis of Family Express (right). The panel discussed entrepreneurship and how Chamberlain and Olympidis are approaching succession planning.

Experts prepare for silver tsunami by encouraging entrepreneurs to sell legacy businesses

In downtown corridors across Northwest Indiana, family-owned machine shops hum beside third-generation bakeries and hardware stores that opened before the interstate.

These small businesses are the backbone of the Region’s economy and identity. They make up more than 99% of Indiana businesses, according to the U.S. Small Business Administration.

But over the next decade, thousands of small business owners across Indiana will consider retirement. Some will close their doors. Others hope to sell.

“For the past two years, we’ve been waiting for the silver tsunami, but it’s been more like a silver trickle,“ said Max Friar, founder and managing partner of Calder Capital based in Michigan. “After COVID, everything felt unstable. From 2020 to 2025, everything was pent up — with sellers wanting to sell but waiting until things settled down. Now, it’s settling and sellers are coming out. All the baby boomers are retiring and selling.“

State leaders estimate that 25% of Indiana’s economy is tied to small businesses that could change hands or close in the coming years. Without new owners ready to step in, jobs, community anchors and decades of institutional knowledge could vanish.

The challenge has captured the attention of the state’s leadership. Brian Schutt, director of the Indiana office of entrepreneurship and innovation, has been urging Hoosiers to rethink what entrepreneurship looks like. It’s not only about launching tech startups or inventing the next app. It’s also about buying and growing the local diner or the HVAC firm that already has customers, employees and a reputation.

“We want to accelerate what’s working,“ Schutt said about existing businesses that will need new owners. He has been sharing his message around the state and spoke at the Society of Innovators at Purdue Northwest’s induction Oct. 29 at Avalon Manor in Merrillville.

In Northwest Indiana, his message is resonating.

Exit planning

The implications of small businesses closing their doors are enormous.

In communities like Hammond and Valparaiso, small businesses are economic engines, providing jobs and sponsoring Little League teams. A wave of closures would ripple outward, reducing tax bases, increasing vacant storefronts and weakening supply chains.

“We work with founders at every stage of business, and there’s a challenge we see emerging frequently: how to exit a business with intention and profitability,“ said Taylor Rodriguez, account manager at WeCreate Media in Valparaiso. “In Indiana, we have incredible founders who’ve built incredible companies, but too many transitions happen late or feel forced, and that puts jobs, families and communities at risk.“

A wave of successful transitions could usher in renewed investment. New owners often modernize technology, expand marketing and explore untapped markets. They bring fresh perspectives while upholding legacies.

A growing ecosystem of public and private organizations is emerging to support business succession in Indiana.

“Indiana is investing in entrepreneurs, not just at the startup moment, but across the full business lifecycle,“ Rodriguez said.

New partnerships

Gov. Mike Braun’s recently created office of entrepreneurship and innovation aims to strengthen the state’s entrepreneurial pipeline and address the looming ownership gap.

The office is teaming up with regional partners, chambers of commerce and economic development groups to promote acquisition entrepreneurship. The state is coordinating with lenders to improve access to financing for business buyers and opening up grant funding for regional innovation hubs tackling ownership transitions.

Lower Lincoln, a Valparaiso venue designed to support entrepreneurs, received a Community Collaboration Fund grant through the Indiana Economic Development Corp. The grant will support the development of an ownership exit-planning program.

“Our exit-planning program is designed to help owners understand their business value, plan their transition and protect what they’ve built,“ Rodriguez said. “Our hope is simple: give founders real support and transition strategies that help keep businesses rooted in the communities they’ve helped build.“

WeCreate Media is partnering with the Indiana Small Business Development Center and Purdue Northwest to develop the program. It will offer a three-phased approach to preparing for a transition, including a business valuation, growth potential and financial modeling and pre-exit improvement strategies.

“This grant allows us to build and test this programming locally, and offer it to business owners at no cost,“ Rodriguez said. “The support is practical, founder-first and truly built for Northwest Indiana.“

Business sales

Candace Armstrong, founder of Armstrong Law Offices in Brook, recommends working with a collection of advisers. A CPA and lawyer are vital for the buyer and the seller.

“The key to selling a business is knowing yourself and what you want and need,“ Armstrong said. “You’ve got to do the soul searching at the start. You need to get clear on what you want and then identify the right professionals to help you.“

Experts also recommend that owners begin exit planning two to five years before retiring.

Firms like Calder Capital play key roles. Specializing in mergers and acquisitions for small and midsize businesses, Calder Capital helps owners prepare their companies for sale and determine value. It markets companies to buyers and navigates negotiations.

“A third-party objective valuation is important. Analysts typically use the market method, which is similar to appraising a home,“ Friar said. “It’s a financial driven analysis of profit and loss and net income. They reconstruct profits to show real earnings and then find comparable companies.“

Unlike national investment banks that focus on multimillion-dollar deals, regional firms understand the realities of owner-operated companies — where the founder may still handle sales calls or manage key relationships personally.

“Sometimes owners have the wrong idea. They think there’s not a buyer for their business: their children don’t want it, or their employees won’t buy it. So, they close,“ Friar said. “All those people lose their jobs, vendors lose business and the community suffers. We encourage every owner to try to sell because they are preserving all those things. There are lots of buyers out there.“

Successful scenarios

Unlike large corporations, small businesses often lack formal succession plans. Some owners have been too busy running day-to-day operations to map out an exit. Others assumed a child or employee would take over. That’s often not the case.

“We don’t have that generational transfer of a business as strongly. As a society, we’ve moved away from that model,“ Armstrong said. “It’s no longer ‘if your dad is a grocer, you’re a grocer.’ People are exploring their own career pathways.“

In 2022, Pat Popa, president and CEO of Popa Heating & Cooling, was ready to retire. Her husband, Nick, had founded the business in 1968, but their two sons followed their own career paths. She wanted to leave the company in good hands.

“Many small business owners have spent years developing their businesses. They are often leaving legacies,“ Friar said. “Their employees are like family. They want buyers to have those same values. Many are looking for that fit or they won’t sell.“

Popa found that fit with Jesse Hernandez, an employee of six years.

“The day Jesse came to work for me he said, ‘I want to be your right-hand guy, and I want to buy this business someday,’“ Popa said.

Popa said they shook on it and both stayed true to their word.

“We built our business on family values,“ Popa said. “I knew Jesse would take care of our customers and be honest and fair. It seems like he’s taking the business to the next level, which makes me really proud.“

Path to business ownership

Acquisition entrepreneurship presents a pragmatic opportunity for sellers and buyers.

The Stone family and long-term model horse collector Erin Corbett are a prime example. The Stones founded Shipshewana-based Stone Horses in 1996.

“A few years ago, I went back to graduate school to receive my executive MBA,“ Corbett said. “In that process I created a business plan for what I’d do if I got to run my own model horse business. It was a solid business plan, and through that experience, I found a real path to business ownership.“

Corbett reached out to see if the Stones had a plan for their retirement. In 2024, they retired and sold the company to Corbett.

“This felt totally out of reach previously for someone like me. I don’t come from generational wealth, and I certainly did not have the resources for this personally,“ Corbett said. “But with a strong enough plan and the right skill sets on the team, I was able to pull together. We made it happen, and now I get to do my dream job every day.“

Buying an established company may not generate splashy headlines, but it offers sellers the ability to retire and boost a new generation of ownership.

“The chances of the Stones finding a buyer who was already in the model horse community were very small, so this was a longshot for both of us,“ Corbett said. “They have expressed to me that it’s been a real pleasure to see their business grow and evolve under the guidance of a fellow model horse enthusiast.“

Financing purchases

One hurdle for many would-be buyers is capital.

“Most financing comes down to preparation and the right partners,“ Rodriguez said.

Many buyers work with local or regional banks or use U.S. Small Business Administration-backed loans. Seller financing can also be a practical way to align incentives and reduce risk.

“The best first step is getting clean financials and starting early conversations with lenders and advisers so expectations are clear from Day 1,“ Rodriguez said.

Across Indiana, there are numerous examples of successful ownership transitions in manufacturing, trades and professional services. While each story differs, common threads include early planning, professional guidance and transparent communication with staff.

The coming decade in Northwest Indiana will determine whether hundreds of legacy businesses quietly disappear or enter new chapters under fresh leadership. The state is mobilizing. Regional nonprofits are innovating. Private advisers are structuring deals. Lenders are adapting. But success depends on owners willing to plan and entrepreneurs willing to step forward.

The story unfolding across Indiana is not one of decline but one of transition. The silver tsunami could become a wave of opportunity, preserving the Region’s economic backbone while inviting the next generation to build on it.

“When a transition is done well, it protects what’s already been built while creating new growth,“ Rodriguez said. “And it keeps jobs local, customers happy, and communities strong.“

In communities built on grit and resilience, passing the torch may be the most important act of entrepreneurship yet. ▪

Read more stories from the current issue of Northwest Indiana Business Magazine.

Kerry Sapet
Kerry Sapet has been a freelance writer for more than 20 years. She has written for newspapers, magazines, websites and the children’s publishing market. Sapet is the author of more than 30 books for children and young adults. She has a degree in journalism from Ohio University’s Honors Tutorial
College. Sapet is a Bloomington, Indiana, native, and lives in the Chicago area.
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