FOR IMMEDIATE RELEASE:
May 25, 2006
Contact:
John Milligan
(215) 496-9100
Marjorie Anderson
215) 399-0062
Click here for the complete
Report on "Succession Planning for Minority-Owned
Enterprises"
Click here for the Philadelphia Business Journal article: Minority Businesses Lack Succession Planning (9/2007)
Philadelphia, PA - - The Greater Philadelphia
Minority Business Strategic Alliance’s (GPMBSA)
Board Chair, John Milligan, today announced the release
of a report on Succession Planning for Minority-Owned
Enterprises: “The Need to Prepare the Next Generation
of Minority Business Owners.”
“The initiative, funded by several local banks and
corporations, has been in research for the past year and
a half,” states GPMBSA’s Executive Director,
Marjorie Anderson, “and was recently completed by
the GPMBSA, based on survey-research and statistical analysis
conducted by graduate students from The University of
Pennsylvania’s Wharton School—African American
MBA Association- in conjunction with Senior Business students
from Drexel’s LeBow College of Business.”
The report highlights the significant contributions of
mature minority-owned firms to the local, regional and
national economy and the social and economic impact on
the Philadelphia minority business community, in particular.
The report also addresses the need to facilitate the transition
of these mature companies, through “succession planning”
to the next generation of minority business owners.
Anderson stated that the report focuses on mature minority-owned
enterprises in the Philadelphia region, but has broader
implications for similar businesses located in dense minority
populations through-out the country (such as Detroit,
Chicago, Atlanta, New York, Los Angeles, Baltimore, and
Washington, DC) that are confronted with similar challenges.
“These are mature minority-owned enterprises that
employ a substantial number of minorities and others.
These mature minority-owned firms have vast institutional
knowledge and are solid employers within the minority
community. These are the firms that large corporations
seek to meet their supplier diversity goals. These are
also the firms that stabilize the minority business community
and whose owner and managers serve as role models for
the younger, upcoming entrepreneurs,” added Anderson.
John Milligan indicated that the findings of the report
will be used to stimulate dialog within the community
and help develop an understanding of what should be the
next steps in developing succession planning programs
to help “match” and “transition”
mature minority-owned businesses to new and younger minority
owners.
---------------------------------------------------------------------------------------------------
For additional information please contact Marjorie Anderson,
Executive Director, GPMBSA, 105 N. 22nd Street, Philadelphia,
PA 19103. Phone: 215-399-0062 Fax: 215-399-0063.
Click here for the complete
Report on "Succession Planning for Minority-Owned
Enterprises"
Back to Home Page
