Boomers and Their Golden Small Businesses

The baby boomer generation elevated America and the world at large to heights it’s never reached. As time passed, their influence has only continued to grow. Today baby boomers own 40% of all small businesses and franchises in the U.S. On top of this, one third of all Americans rely on income from boomer business. 

This sets boomer business as a cornerstone of American commerce. Specifically in the small business sector, reliable, established boomer business is essential. A question naturally arises though, what happens as these businesses disappear? 10,000 baby boomers retire daily. A statistic that will only continue to grow until boomers have left the workforce completely. 

Where do these businesses go then? The reality is 58% of all small business owners have no plan for succession. It’s such an investment and personal journey that most don’t even consider the future after their ownership ends. In the past most would simply pass it on as a family business, but this has become exceedingly rare.

Instead it seems that most businesses are being bought out. Interestingly, not always bought by large corporations, but young business owners alike. The established nature of most boomer business makes it a great setting off point. Instead of independently establishing a business, young entrepreneurs can work off of past success. 

Generational wealth transfer happens in many ways, but this is one of the least discussed. Boomers rarely have enough if anything saved for retirement, 55% having any savings. Although the ability to sell off a business, keeping the economy afloat and building savings, is essential. This is what makes boomer business so golden for young and old generations alike.

The Boomer Business Bomb
Brought to you by:

News & Trends

The Power Of Passive Income

The cost of living seems to be getting higher with every passing day. When your dollar just cannot be stretched as far, it may be time to consider other types of income. Getting a second job is an obvious answer, but for many people, it just isn’t possible. The added stress and limited time for […]

Read More
News & Trends

Precision in Survey Design: A Blueprint for Informed Business Strategies

In a world inundated with data, quality surveys emerge as indispensable tools for businesses, investors, and consultants striving to unearth actionable insights. Constructing a meticulously designed survey necessitates a strategic approach. The initial step involves planning and scoping, requiring individuals to pinpoint their survey’s objectives and key inquiries. This phase embraces the five Ws—Why, What, […]

Read More
News & Trends

Astronomy Binoculars for Specific Celestial Events

Astronomy binoculars are versatile tools that can enhance your stargazing experience, allowing you to witness the magic of the night sky in a way that’s both portable and immersive. While they are excellent for general celestial observations, they can also be particularly handy for capturing the beauty of specific celestial events. In this article, we’ll […]

Read More