In our marketing efforts to find new business listings, we find that baby boomers in the retirement age represent a large percentage of business sellers. In most cases, selling their business is the only remaining option. Their children are often not interested in taking over the business for multiple reasons:
- Children are seeking more independence from their parents and do not share the values and strategies the parents are following in their businesses.
- Children do not necessarily have the entrepreneurial spirit that has driven their parents to start and take the business to its current level of success. Their life goals might not be similar to those of their parents.
- Parents are bright entrepreneurs but not necessarily good managers. They have hard time sharing information with the children and delegating tasks. This incapacity to delegate often frustrates children.
This situation creates great opportunities for business buyers. A lot of excellent businesses for sale will be coming to the market in the next few years as more and more baby boomers will come to the retirement age. Recent statistics have shown that every year, 20% of the existing businesses will be for sale.
Powered by Omar Kettani