Despite predictions that a flood of small businesses would be coming up for sale as owners of the baby boom generation ready themselves for retirement, many are holding on longer than expected.
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As more baby boomers reach retirement age, many are still holding on to their small businesses. Despite predictions that a large flood of small businesses would be coming on the market, many baby boomers are not yet ready to sell. Unlike earlier generations, many of today’s small business owners who are now approaching their late 50s and early 60s, have several reasons for holding off their exit.
Developing a succession play has become a challenge for many boomers whose family members simply aren’t interested in taking over the business. At the same time, others are not prepared financially because they’re still recovering from the recession. Moreover, lifespans have changed and many people in their 50s and 60s who are in good health are not yet ready to retire.
Read more in The Wall Street Journal about the factors influencing baby boomers and the business for sale market.