Did you know that the baby boomer generation accounts for 40% of small business and franchise ownership in the United States? Many small businesses that are owned by baby boomers have been in operation for 10 or more years, and 75% are currently profitable! Today, many small business owners are preparing to retire which means it is time for them to start thinking about the future of their business.
58% of small business owners have no transition or succession plan for when they are ready to retire. This means many owners will be looking to sell their businesses, but this is not always an easy process. Luckily, there is an increasing number of millennials that are leaving their corporate jobs to become their own bosses. Many of these millennials look to buy an established business because it is often a better option than starting a brand new one.
By 2045, baby boomers are expected to pass on an estimated $72.6 trillion in wealth. As of now, it is unknown how this transfer of wealth will impact future generations. What is known however, is that selling well established businesses to the younger generation is benefitting both baby boomers and millennials alike. Learn more about wealth transfer and the future of baby boomer business ownership in the infographic below:
Brought to you by: MBAStack.org
