RETAIN BUSINESSESin Miami-Dade County, Florida
As business owners retire, we help keep these businesses thriving in our communities
Miami-Dade County, Florida
Employee ownership as a strategy for business retention
As of the 2020 Census, Miami-Dade County has an estimated population of 2,702,000 and a median household income of $51,347. Approximately half of all privately held businesses with employees in the county are owned by baby boomers.
Miami-Dade County seeks to curb the effects of the Silver Tsunami
Small, locally owned businesses are essential to Miami-Dade County’s local economy and regional community vitality. Among the challenges the county faces is keeping businesses and the jobs they provide rooted in the community, as the Silver Tsunami – the retirement of baby boomer business owners – impacts Miami-Dade County.
The risk of the Silver Tsunami
Baby boomers (those born between 1946-1964) own nearly half of all businesses with employees in Miami-Dade County. Regions in the US need to understand the risk of the Silver Tsunami as these business owners retire. Project Equity’s analysis and interactive visualization (above) indicates over 32,000 businesses in the county are owned by baby boomers. Many will choose to sell to out of area buyers or close down due to lack of succession planning.
Miami-Dade County‘s proactive approach
Miami-Dade County launched this initiative, in partnership with Project Equity, to assist at risk businesses learn about the option of employee ownership. The initiative highlights the need for succession planning for local small businesses and focuses on transitions to employee ownership to address hundreds of Miami-Dade County business owners’ potential retirement.
The proof is in the numbers
Project Equity performed another analysis that quantifies the number of privately held companies with three or more employees in Miami-Dade County that are 20 years old or older — a good indication that they need succession planning — and the impact if these businesses are not retained.
There are approximately 20,140 companies in Miami-Dade County that met that criteria. These longstanding businesses:
- employ an estimated 242,000 individuals
- generate about $70B in revenue
Local ownership over the long term
Keeping companies locally owned over the long term is a critical economic development strategy. Only 15% of businesses get passed onto the next generation and according to BizBuySell, the largest online marketplace for businesses, only 20% of businesses listed for sale ever sell. We need more strategies for local business succession to avoid businesses closing their doors due to lack of planning. The good news is employee ownership is a viable path for many companies.
Employee ownership may be unfamiliar to many, but it keeps companies rooted in place, provides quality jobs and strengthens businesses for the long term. It also offers a ready solution to the retiring business owner: there’s a buyer right there under your nose — the very employees who helped you build the company.
Local ownership is important to Miami-Dade County’s future. Let’s make sure that, as baby boomers retire, the businesses they created live on.
Employee-owned companies in Miami-Dade County
Best Friends Pet Hotel
Capris Furniture Industries
Matrix Design Group
Menke & Associates
Nash Plumbing and Mechanical
Triple T Transport
Wawa Gas & Convenience Stores
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