Owning a small business and being your own boss has long been a part of the American dream. Americans are full of the entrepreneurial spirit as part of our ultimate goals for success.
One of the things that keeps that spirit alive is the fact that so many Americans have actually been able to achieve the goal. The Baby Boomer generation, in particular, is a massive part of small business ownership across the country. In fact, they account for 40% of all small businesses. The majority of these businesses are restaurants, retail stores, business or residential services, and construction/contractor businesses.
Often, these businesses have become well established and have been in operation for over a decade. The majority of them are also making a profit every year. They are thriving and growing.
These businesses are absolutely vital to the welfare of the entire nation. They employ millions of Americans directly, and other businesses rely heavily on them as well. However, as Baby Boomers begin to age out of the workforce, there is a major concern.
Many of these business owners do not have a succession plan. They either haven’t considered it because they still love what they do, or they don’t know anyone who would be willing to take the reins.
Younger generations often fail to see the attraction of purchasing one of these Boomer businesses. They have more options open to them and aren’t as interested in inheriting their parents’ business. However, taking over one of these thriving businesses still aligns with the values and pursuits of younger generations.
The fact is that purchasing a thriving small business is a massive opportunity for success. Not only is the business already well established, but current employees can still manage and operate it. It’s an investment opportunity for the younger workforce. It not only gives them a leg up on immediate success, but allows them freedom to continue pursuit of other interests.
Purchasing a Boomer business benefits everyone – see more in the infographic below: