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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)


GPMBSA RELEASES REPORT ON “PREPARING THE NEXT GENERATION OF MINORITY BUSINESS OWNERS” IN THE GREATER PHILADELPHIA REGION

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.
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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"

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