The baby boomer generation has been integral to the growth of the American economy with the small businesses they own. Many of these businesses have been operating for 10+ years and 75% are currently bringing in a substantial profit. Now that the baby boomers are getting ready to retire, there is now the question as to what is going to happen to their business.
Many small business owners have not thought of their plans to pass down their businesses simply because they enjoy running their company. When it becomes too much for them, they are left without a transition or succession plan which means they have to sell the business. Usually this would be a difficult process, but today there are more young people who are interested in buying already established businesses.
The younger generation is looking to buy baby boomer businesses due to the fact they are already established and profitable. These businesses often have local brands and loyal customers that will continue giving the store their business even after the previous owner retired. With baby boomers transferring their businesses to the younger generation, we can be sure to continue seeing profit from these remarkable small businesses.
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