May 11, 2026
“Those having torches will pass them on to others.” —Plato
Recently, AICC Chairwoman and Royal Containers Vice President of Administration Terri-Lynn Levesque shared a Forbes article titled Millions of Small Businesses Soon Changing Hands as Baby Boomers Retire in “Great Ownership Transfer,” Report Says. The article highlights research from the McKinsey Global Institute examining what may become one of the most significant shifts in American business ownership in decades.
The numbers are striking. According to the report, 6 million small and midsize U.S. businesses will be involved in a “great ownership transfer” by 2035. Roughly 1 million of those businesses are expected to change hands through transactions worth a combined $5 trillion.
Small businesses remain the backbone of the American economy. They employ more than 60 million people and generate roughly 35% of all business revenue in the United States. Their continued success matters, not only to owners and employees but to communities across the country.
The report describes this moment as “a new era of business stewardship.” But it also delivers a caution: Without intentional action, many viable small businesses may simply close rather than successfully transition to new ownership.
Several trends stand out:
- A large share of business owners do not have a formal succession plan, increasing the likelihood that otherwise healthy companies may shut down.
- If ownership transitions occur successfully at scale, they could preserve up to 12 million jobs and sustain roughly $250 billion in annual local spending power.
- Rural communities, where small businesses account for more than half of all employment, face particular risk.
- More than half of U.S. small-business owners are now over age 55, a figure that has grown by about 30% since the early 2000s. One in 4 is 65 or older.
- Annual business exits, through sales or closures, could rise 42% above 2011 levels by 2035, reaching as many as 665,000 per year.
For many in our industry, these statistics are not abstract; they describe our peers, colleagues, and perhaps even ourselves. That is why AICC places such a strong emphasis on leadership development and succession planning.
Through national meetings, webinars, and programs such as Packaging University, AICC provides members with practical guidance on planning ownership transitions and preparing the next generation of leaders.
At Pack U, a master’s-level course, partially funded by the Foundation for Packaging Education, is designed specifically for individuals on an ownership succession path. AICC’s Emerging Leaders program also helps young professionals build the experience and perspective needed to make lasting contributions to this industry.
The resources are there. The question is whether we will use them.
Whatever your plan may be or however far away the transition may seem, the future of your life’s work is at stake. For many, that future also includes your family, your employees, your customers, your community, and your Association.
Plan accordingly. Be intentional.
Michael D’Angelo
AICC President
