Perhaps more than ever before, the up and coming generations of the American workforce want autonomy and freedom. They want to order their own steps, be their own boss, and answer to themselves regarding their time and life management.
Of course, social media plays a part in this. Never before has sudden success been so accessible to the masses, and never has it been allowed to be so personalized. From TikTok fame to creating an innovative entrepreneurial dream from scratch, younger generations have many avenues to success.
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Boomer Businesses Are A Great Investment
However, they may be overlooking something that’s been right under their noses the whole time. Baby Boomers are a highly entrepreneurial generation. In fact, 40% of all small businesses in the US are owned by Boomers. They own restaurants, contract/construction companies, business or commercial or residential services, and small retail stores, among other things.
Boomer businesses provide millions of jobs across the country, and vendors rely heavily on their business to stay afloat. Many of these business owners love what they do and aren’t ready to step down just yet, however they are beginning to age out of the workforce. They need successors ready to take over their businesses, and they are looking to younger generations to do it.
Often, children of Boomer small business owners are uninterested in carrying on the legacy. The world is changing and the need to follow in their parents' steps is no longer as evident. Nevertheless, missing out on the opportunity of succession may be a huge financial mistake.
Baby Boomer small businesses are very often profitable and many of them have been in operation for more than 10 years. They are well seasoned, already fully operational, and are ready to keep thriving and growing.
As Millennials and Gen Z’s begin to inherit the wealth of their predecessors, they’ll be in the position to purchase Boomer businesses. These businesses are nothing short of a wise and profitable investment opportunity for the younger workforce. Successors don’t have to start from the ground up, and can invest in a business that is already making a profit.
While it may not be the glamor that young generations are aiming for, investing in Boomer businesses can bring financial stability early on. It also frees them up to pursue their other passions, all while owning a fully functioning, profitable business.
When it comes to ambitions of success, investing in a Boomer business is a sure fire way to get there fast.
Infographic source: MBAStack.org
