The Problem
Communities are facing a huge, hidden economic risk
Is your community ready for next?
Is your community prepared to support one of the biggest, largely unnoticed, economic challenges affecting 60% of small and medium businesses?
Baby boomer owned businesses drive community economies from employment to reinvesting in their communities.
In the US, 10,000 baby boomers reach retirement age every day. This is expected to continue into the 2030s. This means nearly seven baby boomers turn 65 every minute.
Boomers own 2 out of 3 of the private businesses in the United States.
According to a UBS survey in 2017, 77% of business owners surveyed plan to retire by 2027. With millions of baby boomer owners moving rapidly toward retirement, only 30% have a written plan to transition their business.
Is your community prepared to have these crucial economic assets at risk, heavily impacting the communities in which they reside, other communities they serve and the workforce they employ?
According to recent estimates, there are approximately 3.5 million boomer owned/operated businesses in the US, employing an estimated 72,000,000 full-time workers. The total enterprise value of these businesses is approximately $13-15 trillion. As point of reference, the enterprise value of baby boomer owned businesses is five times greater than the market value of Amazon, Apple and Google combined.
