Over half of small businesses in the U.S. are owned by individuals over 50, and these businesses are valued at approximately $10 trillion. As many baby boomer owners consider retirement, they face challenges in deciding the future of their businesses—whether to sell, shut down, or pass them to family members or employees. This situation presents a unique opportunity for millennials, who are increasingly interested in purchasing existing businesses as they seek financial stability. A recent survey revealed that 64% of business buyers were millennials or younger. Although many small businesses may not be glamorous, they offer a more manageable route to entrepreneurship compared to starting a new venture from scratch.
Forget the Inheritance — Here’s How Millennials are Cashing in on Boomer Wealth
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