Did you know that baby boomers own 2.3 million small businesses? 75% of these businesses are highly profitable, with 35% having been in operation for over 10 years. These businesses account for 25 million jobs directly, and tens of millions more are dependent on these businesses’ products. With the generation as a whole getting higher up in age, 10,000 baby boomers retire each day. So what will happen to all of their businesses?
Many baby boomers do not have any succession plans for their businesses because they enjoy running their company. When it is time for them to retire, many small business owners have to sell, which is not always an easy process. Luckily, the next generation is getting ready to take on these businesses and continue their legacy.
Millennials are increasingly leaving their corporate jobs to become their own bosses. Starting a business can be very challenging, so many are looking to purchase already established businesses. Baby boomers who have been in business for multiple years already have loyal customers and employees, and millennials can invest in these businesses to continue their overall success.
It is expected that baby boomers will sell or pass on an estimated $72.6 trillion in wealth to the next generations. If you are looking to take part in this wealth transfer, consider investing in baby boomer owned businesses.
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