As incredible as it may sound, according to recent statistics, the amount of Baby Boomer business owners retiring each day is staggering of 10,000 every day.
With 77 million of them in the United States, this generation is set to leave an enormous mark on our economy due to the estimated $10 trillion of assets that will be sold or passed on over the next two decades.
This is going to have a massive impact on our business landscape, and savvy investors should keep a close eye out for new opportunities. Let’s look at some recent baby boomer business owner statistics.
Baby Boomer Business Owner Statistics
- There are 12 million small businesses in the US, according to estimates.
- Baby boomer businesses employ over 25 million people.
- On average, 350K baby boomers sell their business per year.
- About 40% of the nation’s privately held small businesses and franchises are owned by baby boomers.
How many baby boomers are selling their business
Baby Boomers are responsible for running an estimated 12 million small businesses in the United States. Unfortunately, many of these Baby Boomers have reached their retirement age and have to make the decision about what’s next for their business.
On average, 350K Baby Boomers sell their business each year.
That’s a lot of experience and wisdom walking out the door! While it can be difficult to see all this experience walk away, it is also exciting that these baby boomers are passing on their knowledge and expertise to a new generation of entrepreneurs who will be able to further create stimulation within the economy.
How many baby boomers own small businesses?
According to Marcum LLP, an estimated 12 million small businesses in the United States are owned by baby boomers.
This is an impressive figure given that they are approaching the age at which most entrepreneurs retire.
Instead of leaving the business world entirely, it appears that many baby boomers have chosen to keep their entrepreneurial spirit alive.
With many skills acquired over their long lives and careers, these owners help build America’s economy and diversify the range of industries with traditional values and experience.
How many employees work for companies owned by baby boomers?
Over 25 million people are employed by baby boomer businesses, according to Marcum LLP.
That is a staggering number when you consider the impact these companies have on the economy and their employees! Baby Boomers have either started or taken ownership of established businesses, creating an entrepreneurial legacy that continues to thrive today.
The importance of this generation’s contributions is enormous, and the number of workers they employ across the United States demonstrates their vital role in our society.
About 40% of the nation’s privately held small businesses and franchises are owned by baby boomers
Linkedin’s reported that a staggering 40% of the nation’s privately held small businesses and franchises are owned by baby boomers. This demographic makes up an incredible portion of U.S. business owners and goes to show just how influential this generation is on America’s economy, even from their retirement hometowns and senior living communities.
Baby boomer entrepreneurs are demonstrating that retirement does not have to represent the end of your impact or influence in society, but rather the start of something new that you are passionate about.
How much wealth do boomers own?
Self Inc recently reported that the wealth situation for Americans is a bit lopsided, with baby boomers and their predecessors in the silent generation owning a combined 78.1% of the country’s wealth.
Out of this majority share, baby boomers are kings when it comes to possessions; Self Inc estimated that they own an impressive 52.2%. Meanwhile, the silent generation’s share rests at 15.2%. This proves how financially powerful this group has become as they enter retirement age – now more than ever their assets define them.
Why are baby boomers so wealthy?
According to Fortune, baby boomers are more wealthy than other generations due to the fact that they were able to benefit from a very long period of economic stability and relative prosperity.
Economic conditions during their working life put them in a uniquely advantageous position, allowing them to save and invest money at great rates over many years. This investment has helped them both acquire assets and build wealth in their retirement years. As such, it’s understandable why boomers are currently some of the wealthiest individuals around.