A looming “silver tsunami” of retiring baby boomer business owners could dramatically reshape America’s small-business landscape.Nearly half of U.S. small-business owners are 55 or older, yet just 54% have a succession plan in place — setting the stage for a potential retirement shock that could leave many companies vulnerable over the next decade, according to Forbes.The stakes are high. Small businesses employ more than 62 million Americans and account for roughly 43% of U.S. GDP, according to the U.S. Small Business Administration. If a significant share of those businesses close instead of transitioning to new leadership, communities nationwide could feel the effects, American Operator founder William Fry told FOX Business.PAYCHECKS KEEP RISING FOR AMERICAN WORKERS, PROVIDING BOOST TO HOUSEHOLD BUDGETS”They’re huge creators of wealth, and in my opinion, they’re the most pure version of the American Dream — you come to this country, and you can build a better life for yourself,” Fry told FOX Business.Many owners have spent decades building their businesses on relationships and reputation, making succession decisions deeply personal.After 12 years growing a painting company in Jackson, Wyoming, husband-and-wife team Erik and Kassie Hansen began considering their next chapter at Greenway Painting — whether to sell the business
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Century-old American Hat Company sees spike in demand as Western lifestyle becomes 'very popular'
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Business has reportedly been booming for American Hat Company – a Texas-based cowboy hat manufacturer – since the 2018 launch of the hit Western TV series “Yellowstone.”Founded in 1915 and headquartered in Bowie, Texas, the company specializes in handmade felt and straw cowboy hats offered in a range of trims, colors and shapes. Demand has soared so high that the business is now years out on orders, according to company president Keith Mundee.FRUIT TREE GIFTING COMPANY HAS HUMBLE ROOTS: ‘GRIT OF THE AMERICAN DREAM'”People were clamoring for something that was truly American or kind of going back to their roots,” Mundee told FOX Business. “… The Western lifestyle became very popular.”The company follows an approximately 18-step process to transform raw materials like straw and fur into even a basic cowboy hat, he said.AMERICAN-MADE CARS PERFECT FOR SUMMER ROAD TRIPSWhile the business does source some of its materials from locations outside the country, its hats are majority American-made. They “live up to the standard of style, quality and durability” that can be expected from a product made in the U.S., according to the company’s website.”It just doesn’t make sense to import any finished goods,” Mundee said. “… We will import raw
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Walmart supports small businesses, American-made products through new 'Grow With US' initiative
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Walmart is showing increased support for American-made products through its “Grow With US” initiative, a new program aimed at providing U.S. small business owners with the training, mentorship and resources they need to succeed.”Walmart is making it easier for U.S.-based entrepreneurs to navigate the complexities of retail and bring their products to a national stage,” the world’s largest retailer said in an announcement.WALMART LEANING INTO TARIFF UNCERTAINTY: ‘POSITIONED TO PLAY OFFENSE’Grow With US consists of a four-step program that offers American small business owners access to financial assistance, e-learning modules with several different learning paths, opportunities to showcase their products and the ability to connect with an experienced mentor. The initiative is part of the company’s “expanding commitment to small business development,” according to the announcement.Grow With Us aligns with similar Walmart programs around the world, including Vriddhi in India and Crece con Walmart in Mexico.WALMART, TARGET CEOS DISCUSS ‘PATH FORWARD’ WITH TRUMP AS TARIFF CONCERNS WEIGH ON CONSUMERSIn fiscal year 2024, more than two-thirds of Walmart’s total product spend was on items grown, made or assembled in America. Small businesses, which account for more than 60% of Walmart’s U.S. suppliers, play a “powerful role in bringing unique products to