When the founders of Purdue Marion & Associates began thinking about stepping back, they ran into a problem: They couldn’t quite find a succession plan that felt right. So they came up with an unconventional solution — they gave the company to their employees.

Starting a business is never easy. Over one-fifth of all startups typically don’t survive past year one of operation, according to the U.S. Bureau of Labor Statistics, and nearly half never reach their fifth anniversary. Staying afloat is challenging even in stable times—and even more so amid elevated inflation and persistent labor market tightness.

Expect the Hispanic and Latino community’s contributions to the U.S. economy to be nothing short of monumental in the coming decades. Not only is this demographic expected to make up 28% of the U.S. population by 2060 — translating into large buying power. In addition, nearly one in four new businesses is Hispanic-owned.