FROM THE ARCHIVES: A STUDY ON SUCCESSORSHIP IN MANUFACTURING
In 1989, Manufacturing Renaissance (formerly the Midwest Center for Labor Research) published a study still very relevant today. This report presented an assessment of the feasibility of retaining manufacturing jobs in Chicago by matching aging company owners with who need successors with qualified minority and female entrepreneurs as buyers. The study is driven by the fact that minority workers have suffered disproportionately during Chicago’s decade of rapid deindustrialization and that minority owners account for less than one half of one percent of the region’s manufacturing employment sales. This report presents the results of the first phase which determined the scope of the problem and assess the actual successorship plans of the City’s small and medium-sized family manufacturers. The study also included a national survey of literature and practice on successorship planning assistance for aging owners, particularly programs funded by state agencies and/or involving non-profit organizations.