(TheConservativeTimes.org) – Business “startups” are typically looked at as a small business that are done by freelancers or contractors, but this isn’t the case for everyone.
One new round of “startups” include the baby boomer generation handing off their business to millennials. Trillions of dollars of wealth is being transferred to the younger generation by baby boomers who are selling their businesses.
A new report from BizBuySell said that the number of businesses being sold has recovered to pre-pandemic levels and continues to rise. Business owners are also making much more profit when selling their business this year than they would’ve last year, with profits increasing twenty percent.
Boomers are selling their businesses at a very fast pace and this transfer is just beginning. The U.S. Small Business Administration said that more than half of the nation’s small business owners are over the age of fifty years old. As of February of this year, boomers owned over fifty percent of the privately held businesses in the United States.
“The reality is that ten thousand baby boomers retire each day and that’s likely the most important element to fuel the market forward,” BizBuySell says.
Age isn’t the only reason that businesses are selling though. Another reason is the economy, despite inflation still being high. Many people are able to calculate their return on investment while feeling an urge to sell their businesses for profits.
Many boomers will sell to a younger generation, which happens to be Millennials now. They are now at the age range of when people start businesses, and the economy has pushed people to search for new opportunities to make money and find a stable job.
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