It’s been called the Silver Tsunami. That’s the number of Baby Boomers who are ready to sell their businesses and move to the next stage of their lives.
According to the North Carolina Employee Ownership Center (NCEOC), baby boomers own half of the privately held businesses with employees in the state: 78,757 business with owners aged 55+ providing 879,000 jobs and putting $165 billion into the local economy. That’s a lot of economic wealth and prosperity for the North Carolina region.
Yes, Baby boomers are selling or want to sell. But they aren’t buying. Potential buyers for these businesses are coming from the Gen X (41-56 years old), Millennial (25-40 years old) and increasing even young Gen Z (9-24 years old) entrepreneurs.
“The last few years have seen a shift from the plurality of small business owners who are Baby Boomers (41%) to those who are Gen X (46%). Right now, Millennials make up 13% of small business owners, 1% are Gen Z, or “zoomers,” says Guidant Financial in its small business trends survey for 2021.
These buyers want something very different from what many baby boomer business owners are prepared to offer. Read more –