8.6.21

Friday Five Business Briefing – August 6, 2021

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Here’s news you can use in a constantly changing business environment, including stable, even increasing, sales in West Michigan; succession planning through ESOPs; a new training program that provides hope; and how to avoid burnout.

  1. A steady course for West Michigan businesses — Despite ongoing talent and supply chain challenges, local employers report stable or increasing sales. Plus, 60% plan on expansions through capital investments or hiring additional staff over the next year or so. Get more details about The Right Place survey.
  2. Why you might sell out — To your employees, that is! For small business owners thinking about retirement, an Employee Stock Ownership Plan (ESOP) sale may be the strongest option. Learn how one owner sold his manufacturing plant to his employees.
  1. HOPES for restaurant staffing — The Michigan Restaurant and Lodging Association Educational Foundation has launched a program that brings training programs into correctional facilities so inmates have a job lined up when they reach parole. Learn more about HOPES — Hospitality Opportunities for People re-Entering Society.
  2. West Michigan hospitality industry at a turning — Leisure travel is picking up and Experience Grand Rapids says amateur sports events are helping bring in visitors again. Convention business driven by business travel is expected to follow this trend. Get the full report.
  1. It takes a lot to be the boss — In addition to juggling work and personal life, entrepreneurs, especially those who’ve just started a business, must play multiple roles. It’s a recipe that might overwhelm and create anxiety if you don’t know how to handle it. Learn how to avoid burnout by establishing boundaries.

Thank you to our Friday Five sources: MiBiz, The Philadelphia Inquirer, WWMT, WZZM, Grand Rapids Business Journal and Forbes.

Do you have business banking questions? Contact our knowledgeable business development managers online or call 800-991-2221. We’re also available to help in person at your local office.

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Consumers business services

Do you have business banking questions? Contact our knowledgeable business development managers.

Learn more

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