Baby Boomer Business Today: What’s in Store for the Future?
Baby boomer and business are two undeniably tied terms. Baby boomers built so many of the most prominent and influential businesses today. Importantly, they also account for 40% of the small businesses in America today. This means millions of Americans are employed. Not at just big firms and franchises, but at small baby boomer family businesses.
This leaves small baby boomer businesses in an interesting place in America, incredibly important, influential, and profitable, but also on their way out. And for most of these businesses, that way out has no safety plan. Today more than half of all small business owners have no plan for their businesses as they leave.
It makes sense, businesses owners are independent and proud, but for the baby boomers more and more are looking at selling. 45% of baby boomers have no retirement plans, and there are few assets as directly valuable as profitable small businesses. So while selling is still a major challenge, more and more baby boomers are considering the option to ensure their own futures.
This is ultimately a good thing. It keeps small businesses alive and creates space for new business owners. This naturally spurs all the failing small boomer businesses out of the economy. This is the state of baby boomer businesses today. A bright and profitable present with a bright future for those looking to take advantage of everything the baby boomers will leave behind.