As older owners choose the improved economy as a climate in which to sell, the buyers are putting a more diverse face on small businesses.
Read the full article at: www.nytimes.com
As more baby boomers reach retirement age, they are coming to the realization that they’re ready to sell their businesses. A recent New York Times article examines how this generation of small business owners is now passing the torch to a younger demographic made up of more minority groups and women.
The number of small businesses listed for sale is on a six year high, according to a recent BizBuySell report, and a significant number of these sellers are in their 60s and 70s. A number of these businesses were launched in the 1990s by entrepreneurs in their 40s. The 1990s was a very good decade for businesses to grow and establish themselves. Now, 20 years later, these owners are ready to retire and cash out.
A recent BizBuySell study on business buyer demographics revealed that more than 30 percent of those from age 30 to 49 describe themselves as black, Asian or Hispanic, compared with only 8 percent of those over 65. The study also revealed that more women are represented in this younger generation of small business owners. Nine percent of the buyers over 65 in the study were women, while more than 20 percent of those under 49 were women.
Read more about the surge in small business sales and the next generation of new business owners.