Succession planning?

According to a recent SunTrust study, just 31 percent of business owners plan to pass down their businesses to a family member within the next five years, a trend driven in part by a growing number of baby boomers approaching retirement age.

George Calfo, one of the leaders of SunTrust’s business transition advisory group, said discussion of how to pass on an enterprise should be top of mind for all business owners. “We have a growing population of people looking out over their work horizon, which five years ago seemed infinite,” said Mr Calfo, who helped create the study of 500 business owners between the ages of 54 and 72 who generate between $5 million and $250 million of annual revenue. 

350,000-square-foot warehouse in Florida for Kroger/Ocado

The US supermarket chain, Kroger, and UK online grocery company, Ocado, plan to build a 350,000-square-foot warehouse in Florida. The customer fulfillment center should employ about 400 people. Construction is scheduled to start later this year with an opening date of 2021.

Ocado did about $1.9 billion in sales in 2018. Kroger invested $248 million in Ocado last year. The partnership between Ocado and Kroger calls for the construction of 20 warehouses in the United States.

Solar-panel manufacturer to open its first US factory in Florida

Last spring JinkoSolar, the world’s largest solar-panel manufacturer, announced plans to open its first US factory in Florida. JinkoSolar says it will use the $50-million plant to fulfill a four-year contract with Juno Beach-based NextEra Energy, the parent company of FPL. During the next decade, FPL will need thousands of panels as it increases its solar capacity from 1,250 megawatts to 11,000 megawatts, enough to power more than 2 million homes. JinkoSolar began pilot production at the Florida plant in November 2018. When fully operational, the plant will employ 200 people and build one million solar panels a year, the company says.

Florida company pays $35 billion for Worldpay

Florida headquartered, Fidelity National Information Services is buying Worldpay for about $35 billion. The online payment industry has been consolidating as companies attempt to better handle transactions globally.

Worldpay, a British company, was acquired for more than $10 billion less than two years ago by Vantiv. That combined company is what FIS said it would acquire Monday. It’s the biggest acquisition for FIS since it spent more than $5 billion for SunGard in 2015.

Worldpay processes more than 40 billion transactions a year and supports more than 300 payment types across more than 120 currencies. Combined, Worldpay and FIS would have had 2018 revenue of $12.3 billion. The combined company will be based in Florida, where FIS is headquartered.