Inglewood Business Magazine July 2017 Final

IBM
BUSINESS
Owners are adapting by offering on-the-job training, curbing growth expectations and increasing wages, according to the survey.
“But more needs to be done to help small businesses find new workers so they can expand,” Lewis said.
Impacting our communities
This year’s U.S. Bank Small Business Survey
for the first time assessed owners’ personal
satisfaction. Ninety-six percent of Southern
California business owners are satisfied with
the balance between their work and personal
lives, consistent with national results. Only
85 percent are satisfied with the wealth and
savings they get from their business.
Encouragingly, about 96 percent of business
owners said they were satisfied with how their
business improves the lives of others.
“Our economy depends upon the success of small businesses,” said Andi Garten, senior vice president and head of business banking in the
Los Angeles region. “It’s great to see that business owners understand the positive impact their companies have in our community.”
U.S. Bank places a priority on providing the financial products and services small businesses need to help them navigate important financial
milestones. They include deposit accounts and cash flow management, card payment and acceptance tools, equipment leasing and wealth
management. U.S. Bank was the third largest lender of SBA loans in the country in fiscal 2016 with $838 million in volume.
Succession plans
The U.S. Bank survey also asked business owners if they have a succession plan for their companies. In Southern California the results
indicate there’s a lot of room for improvement. Only 35 percent of business owners have a succession plan, slightly higher than the 31
percent nationally.
Owners say they don’t have a succession
plan because they think they don’t need it, or
because they say they are too young or too busy
to make one.
But business succession plans provide
guideposts for an entrepreneur and their family
during one of the key transition periods of
life, said Darrell Brown, senior vice president
and Los Angles Metro Region Manager at U.S.
Bank.
“Sometimes surprises happen, and it’s much easier for a business owner to consider their priorities when they’re not dealing with
an unexpected trauma or going through the details of negotiating a sale,” Brown said. “A trusted banker is a great place to start that
conversation.”
Source: U.S. Bank’s survey of 3,200 small business owners within its 25-state
national footprint, conducted in Q1 2017. Author Sam Black is a Minneapolisbased
member of U.S. Bank’s corporate communications team.
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Inglewood Business Magazine July - Oct 2017
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