Better succession planning could lead to more diverse entrepreneurs
By Anne Field for Forbes
In the Chicagoland area, most owners of manufacturing companies are not only white, but also are retirement-age and lack a succession plan. Their kids don’t want to take over or they lack the skills to do so. The likeliest fate for those businesses is to be bought by private equity firms that fire the employees, sell off some assets and move on, meaning a huge loss of jobs and revenue in the region.
For Dan Swinney, founder of the 35 year-old Manufacturing Renaissance, a nonprofit aimed at reviving manufacturing in the Chicago area, this challenge also has a massive upside--especially for black, Latino and Latina entrepreneurs, who might be employees of the business or simply people interested in owning and running an existing company. With a group of like-minded partners, he wants to identify thousands of healthy companies in need of buyers, while building a pipeline of viable, potential purchasers.
“This crisis seemed like a great opportunity,” says Swinney, who is managing director of the project. “This is a way to keep industry here and do something about the virtual exclusion of black, Latino and Latina entrepreneurs from manufacturing.”
About the Author
Alexis GajewskiAlexis Gajewski
Senior Content Strategist
Alexis Gajewski is a manufacturing writer and editor with nearly 20 years of experience covering the people, practices, and technologies that keep industrial facilities running. For more than a decade, she served as Senior Content Strategist for Plant Services, creating content for plant managers, engineers, and maintenance professionals on a variety of industrial topics.
During her tenure, Alexis worked to develop the brand’s digital strategy and helped launch and produce Great Question: A Manufacturing Podcast. She also created The Lighter Side of Manufacturing, a weekly blog that explored the inventive and sometimes humorous side of the industry.
Alexis co-founded Influential Women in Manufacturing, a recognition program that honored 49 women in its first two years, earned an industry award for Best Product Launch, and received a proclamation from Illinois Governor JB Pritzker and a commendation from U.S. Senator Tammy Duckworth.
She also led newsroom operations and development at a large media company where she set editorial standards, developed training curriculum, and helped support AI adoption for more than 150 editors across 80+ brands spanning manufacturing, industrial processing, automation, and more.
Additionally, Alexis works as a freelance writer and editor, and her areas of interest include continuous improvement, the skilled workforce, and the role of emerging technology on the plant floor.
Connect with Alexis on LinkedIn