The collective retirement of the Baby Boomers, those born between 1946 and 1964 who make up some 78 million Americans, will have an enormous impact on the future of buying and selling businesses. In the past, businesses were transferred to the next generation within the family, but with less than 1/3 of business ownership transfers now happening within the family, more of Baby Boomers’ businesses are going to end up on the open market when they inevitably retire. And because there are so many Boomers, the market is going to become flooded, meaning the price of these businesses on the market will drop drastically.
While low prices mean good news for buyers, sellers who put their business up for sale during the mass retirement of the Boomers are going to suffer greatly. Therefore, it may be wise to consider putting your business up for sale sooner than you anticipated. This may not be a smart option for everyone, but selling your business now could help you to receive a fair price for your hard work.
For more information on how Baby Boomers will affect business sales, visit the Tenney Group, profressional transportation brokers at thetenneygroup.com.