Innovation Connector CEO Ted Baker Discusses the Silver Tsunami on WMUN
This March, Innovation Connector CEO Ted Baker joined host Steve Lindell on Delaware County Today on WMUN to discuss an important and growing topic impacting businesses across the country: the “Silver Tsunami.”
The conversation highlighted the scale of upcoming business ownership transitions and what it means for communities like Muncie and the state of Indiana.
Understanding the Silver Tsunami
The “Silver Tsunami” refers to a significant wave of business owners, many aged 55 and older, who are approaching retirement. After years, and often decades, of building their businesses, many are now preparing to step away. This shift is happening nationwide, but its impact is especially notable at the state level.
In Indiana alone, approximately 51,000 businesses are expected to be affected by ownership transitions over the next decade. These businesses collectively employ around 675,000 workers and account for an estimated $25 billion in payroll. As these owners retire, their businesses will either be sold or closed—making this a critical moment for both the economy and local communities.
Planning for What Comes Next
Ted emphasized the importance of being proactive. Without a clear plan, many otherwise successful businesses risk closing simply because there is no defined path forward.
Succession planning is one of the most important steps business owners can take. Understanding how to sell a business, exploring transition options, and preparing for the future can help preserve not only the business itself, but also the jobs and economic impact tied to it.
At the same time, there is a growing opportunity for the next generation of entrepreneurs. Ted discussed the concept of entrepreneurship through acquisition—where individuals purchase and operate existing businesses rather than starting from scratch. This approach can reduce risk while continuing the legacy of established companies.
How Innovation Connector Can Help
Innovation Connector plays a key role in supporting both sides of this transition. Whether a business owner is preparing to exit or an aspiring entrepreneur is interested in acquiring a business, Innovation Connector provides guidance, resources, and connections to help navigate the process.
From understanding business valuation and transition strategies to exploring acquisition opportunities, Innovation Connector works to ensure that fewer businesses close and more continue to thrive under new leadership.
A Small but Mighty Team
During the interview, Ted also highlighted the dedicated team behind Innovation Connector’s work. While small in size, the team brings a wide range of expertise to support entrepreneurs and business owners throughout the region.
The team includes:
- Lori Albert, Financial Director
- Natalie Smith, Program and Events Director
- Frank Scott II, Director of Operations
- Ryan Hunter, Director of TechWise Academy and Technical Director
Together, they work to provide personalized support and meaningful resources for those looking to start, grow, or transition a business.
Looking Ahead
As the “Silver Tsunami” continues to approach, the need for planning, education, and support has never been greater. By helping business owners prepare for transition and empowering new entrepreneurs to step in, Innovation Connector is working to protect businesses, preserve jobs, and strengthen the local economy.
Those interested in learning more about business succession, acquisition opportunities, or available services are encouraged to contact the Innovation Connector team to explore next steps.
To listen to the full WMUN episode, click HERE.
