2 Baby Boomer Facts on Small Business Ownership

I am getting close to the end of the Baby Boomer Fact series of posts. I should have a preliminary version out this week.  If you register you will get to review and have input on the final product.

Baby boomers have been and will continue to be heavily involved in small businesses.  There are two trends that are in opposition to one another.

Fact #1

9 million of America’s 15 million business owners were born in or before 1964, resulting in one business owner turning 65 every 57 seconds — and the potential for a tsunami of businesses for sale.

Does this surprise you?  The challenge for these baby boomers is most of their retirement savings are in their small business.  The current banking climate it is difficult for them to sell because of financing.  How can they retire?

Fact #2

84 percent of new businesses are formed by baby boomers! As many baby boomers are figuring out that they cannot retire they are taking their retirement nest eggs and investing them into themselves. Does this surprise you?

For many of us, working for ourselves the rest of our lives is the way to go.

What we have here is successful baby boomer small business owners who cannot sell their businesses in order to retire and corporate refuges are starting their businesses.

If you have not read previous Baby Boomer Fact posts they can be found at:

• Retirement Planning
• Labor Market
• Social Security
• Mortgages and Home Ownership
• Medicare and Life Expectancy
• Parenting
• Relationships with Grandchildren
• Infographics
• Labor participation, unemployment and long term unemployment rates
• Homes
• Pensions

If you are interested in receiving the Baby Boomer Fact Sheet  please click here!

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If you are interested in learning more about career change for Baby Boomers please visit my website.

Marc Miller Career Design Specialist