A historic wave of ownership transitions is set to reshape the backbone of the US economy. The fate of jobs, local spending, and wealth creation all hinge on whether enough qualified—and diverse—buyers can step in and pave the way for the next era of small-business ownership. In this episode of The McKinsey Podcast , Shelley Stewart III , McKinsey senior partner and global head of McKinsey Insights, Reputation & Engagement, speaks with Editorial Director Roberta Fusaro about the scale and stakes of the “ Great Ownership Transfer .” After, Ken Yearwood , McKinsey partner, joins to talk about the risks of inaction and the practical pathways to making these transitions work.

The McKinsey Podcast is cohosted by Lucia Rahilly and Roberta Fusaro.

The following transcript has been edited for clarity and length.

Scale is clear; the system isn’t ready

Roberta Fusaro: Shelley, can you describe exactly what this “Great Ownership Transfer” is and why this moment is so different from past waves of business…