In neighborhoods across Illinois, especially in Chicago, you’ll find them: family-owned grocery stores, small logistics companies, auto repair shops, corner pharmacies, and medical clinics run by immigrants. These businesses are more than economic engines—they’re community institutions. And now, many are on the brink of a transition no one is prepared for.
According to the Illinois Immigrant Impact Task Force, immigrants make up just 14% of the state’s population but account for 23% of all self-employed business owners. That’s an outsized contribution by any measure. These entrepreneurs generate billions in revenue and provide thousands of jobs. But as first-generation founders age, the question looming in the background is growing louder: what happens when it’s time to step down?
“Immigrant-led family businesses are the backbone of many communities, yet often overlooked by traditional private equity,” says Ankit Shrivastava, Founder & Managing Partner of Enventure, a U.S.–India private equity firm that works with family-owned businesses navigating generational change. “We see these businesses not just as financial opportunities, but as legacies worth preserving.”
For many immigrant founders, succession planning is complicated by more than just market pressures. It’s deeply personal. These businesses often represent decades of sacrifice and risk. Children of these entrepreneurs may have chosen different careers or moved out of state. And few families have formal plans in place to ensure a smooth transition.
In Illinois, the issue is particularly urgent. According to Loyola University Chicago’s Family Business Center, nearly 80% of businesses in the state are family-owned. Many of them are led by immigrants or first-generation Americans. Yet industry research indicates that more than half of family businesses nationwide have no succession plan in place.
“It’s not just about who will run the company,” Shrivastava says. “It’s about how to pass down institutional knowledge, preserve community ties, and prepare the next generation to lead with both purpose and profitability.”
Governor JB Pritzker’s administration has recognized this broader challenge. In a May 2023 report, the Illinois Immigrant Impact Task Force identified business development as a critical issue for immigrant communities, alongside healthcare access, language support, and legal assistance. The report calls for expanding programs that support immigrant entrepreneurs, who are often navigating both business growth and systemic barriers.
In response to these layered challenges, firms like Enventure are adopting a new model. Rather than traditional acquisition, Enventure engages in co-ownership and long-term partnership. Their ValueEdge™ framework focuses on gradual transition, bringing in operational expertise while honoring the cultural identity and legacy that make immigrant-led businesses so resilient.
“Our model is built around alignment with founders and families—we bring operational expertise through our ValueEdge™ framework while honoring the values that built the business in the first place,” Shrivastava explains. “With a patient 5–6 year investment horizon, we focus on sustainable growth and generational continuity, delivering value without compromising purpose, people, or identity.”
This model is particularly relevant in places like Chicago, where the intersection of immigrant entrepreneurship and family business tradition runs deep. From Devon Avenue’s South Asian restaurants to Pilsen’s Latino-owned service shops, these businesses often serve as cultural anchors. They support local economies and provide stable employment in neighborhoods that might otherwise be overlooked by larger investors.
Still, the path forward isn’t automatic. Succession requires proactive planning, access to trusted advisors, and, increasingly, integration of technology. Shrivastava sees a growing role for tools like AI to help optimize operations, forecast growth, and streamline decision-making—tools that younger successors may embrace more readily if given the opportunity.
What’s clear is that Illinois is at a turning point. With over 1.8 million immigrants living in the state and a growing recognition from policymakers of their economic impact, now is the time to act.
“If we want these businesses to thrive into the next generation, we need to support them with the right tools, capital, and cultural understanding,” Shrivastava says.
That means seeing immigrant-owned businesses not as small or niche, but as vital pillars of the state’s economic and cultural fabric. It also means acknowledging the quiet crisis of succession—and turning it into an opportunity for sustainable, inclusive growth.