DT #630 The Succession Crisis No One Is Talking About in Economic Development

Across America, thousands of business owners are quietly approaching retirement — and many have no succession plan in place. For communities, that represents a major economic risk: lost jobs, closed storefronts, and the potential loss of locally rooted businesses. In this episode of Develop This!, host Dennis Fraise sits down with Mark Piekos, Executive Director of the McHenry County Economic Development Corporation, to explore how communities can turn the coming wave of business transitions into an economic development opportunity. Mark shares insights from Strong Transitions, an innovative program helping business owners prepare for exit while connecting them with the next generation of entrepreneurs. The initiative provides advisory support, builds a network of professional experts, and helps communities retain businesses through local ownership and thoughtful succession planning. Mark brings a unique perspective to the role. A lifelong resident of McHenry County and former small business owner, he also previously led the Illinois Small Business Development Center at McHenry County College, giving him firsthand experience helping entrepreneurs launch and grow businesses. Together, Dennis and Mark discuss why succession planning is often overlooked, the risks communities face if they ignore it, and how economic developers can build programs that protect local businesses, preserve jobs, and strengthen their economic base. If your community wants to retain businesses, build entrepreneurship pipelines, and prepare for the coming transition wave, this conversation is a must-listen. Key Topics Covered Why 73% of privately held businesses are expected to transition in the next decade The economic development risks of unplanned business exits How the Strong Transitions program connects business owners and successors The role of Entrepreneurship Through Acquisition (ETA) Why succession planning should be a core business retention strategy Building an advisor bench to support business transitions Marketing strategies to reach business owners who rarely talk about exit plans How communities can start their own succession planning initiatives Memorable Quotes "Succession planning is one of the biggest economic development issues that no one is talking about."