Reported about 23 hours ago
Small business owners are facing significant challenges due to rising tariffs and labor shortages, prompting many to raise their prices rapidly. Mark Valentino, the president of Citizens Bank, discusses strategies business owners are employing, such as negotiating with suppliers to share the burden of tariff increases. Labor market constraints further exacerbate these issues, driving the need for succession planning as many baby boomer business owners approach retirement. With 42% of small business owners needing a succession plan in the next five years, the importance of preparation for business transition is highlighted.
Source: YAHOO