The job market in the US is shifting significantly as millennials are generally not interested in joining the corporate world. Younger generations value flexibility and ownership, and they have opportunities to embrace both. However, they aren’t the first to dive into the workforce with an entrepreneurial spirit.
Baby Boomers own nearly half of all US small businesses and franchises. They employ thousands of Americans and their businesses are the backbone of the US economy.
The problem is that Baby Boomers are beginning to age out of the workforce. Many of them do not have a plan for continuing their business after retirement. In addition to this, younger generations aren’t as interested in inheriting these small businesses. There are so many other options open to them, however, these boomer businesses are actually a profitable option that is being overlooked.
The majority of Baby Boomer businesses are money makers and, as such, are a wise investment. They’re already fully operational and are primed to grow, rather than needing to start from the ground up. They also tend to be businesses that will continue to be useful to the local community.
Most of these businesses are retail, business or residential services, construction, or restaurants, which makes them evergreen. Younger generations who are continuing to look for entrepreneurial opportunities, flexibility, and financial success would do well to invest in a boomer business.
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