Boomers and Their Golden Small Businesses

0 0
Read Time:1 Minute, 27 Second

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: MBAStack.org

About Post Author

Abbie M

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Fashion Life style News & Trends

Tiktok

These days, Tiktok rising recognition information is probably the most TT Downloader app amongst social media networks. Are you questioning whether or not Tiktok seems to be price-enhancing your enterprise or not? If uncertain, it’s essential to velocity up your decision-making course for TikTok methods to reinforce your viewers’ engagement. Whereas in comparisons with different […]

Read More
News & Trends

Gender Pay Gap Misconceptions

There are several myths surrounding one of the most stubborn and enduring labor issues of our time: the gender pay gap. Because such myths can lead to confusion and generally hurt remedial efforts, they must be dispelled. With that said, here are some of the top misconceptions regarding the gender pay gap. The Issue Responding […]

Read More
Coin Dispute Network Crypto Security tips
News & Trends

Coin Dispute Network Shares: Is Your Cryptocurrency Really Secure?

Quite often, you hear about cryptocurrency and how it has been largely accepted as a virtual asset since bitcoin boomed in 2011. Now many cryptocurrencies have become the main source of income for many investors who buy and save up this digital currency. To an extent, these cryptocurrencies have good levels of digital security. Some […]

Read More