| Description |
| The Rhode Island Commerce Corporation (“Corporation”) seeks proposals from qualified firms to provide services to RI-based manufacturing owners and employees aimed at improving the succession readiness of manufacturing firms. As many owners in the manufacturing industry approach retirement without a succession plan in place, Rhode Island risks seeing independent and sometimes family-owned firms transferred to out-of-state ownership, which could result in layoffs, job relocations, and the loss of wealth-building opportunities for Rhode Islanders.
The Manufacturing Succession Readiness Program aims to enable business successions that simultaneously unlock liquidity for existing owners, retain jobs and ownership locally, and equip new entrepreneurs. Specifically, the Program will support advanced succession planning for owners, develop a roster of qualified local potential buyers (including, but not limited to, current manufacturing employees), and facilitate opportunities for networking and matchmaking. These strategies serve to expand the horizon of possible succession pathways available to owners, ultimately offering deeper control over their financial outcomes and the legacy of their business. |
