Sure, many small businesses aren't glamorous — think dental practices or accounting firms — and they involve long hours and unpredictable market forces.
The US Small Business Administration said in July that there were nearly 35 million small businesses in the US.
Fewer than two-thirds of small businesses in the US in 2022 were profitable, and over a million businesses of all sizes close each year.
Traditionally, small businesses were family businesses, and the eldest male child was expected to take it over when the patriarch was ready to step down.
Buying up small businesses allows people without wealthy boomer parents to cash in on the trillions of dollars of wealth the generation is sitting on.
Persons:
George Coulam, Coulam, Forrester, Nancy Forster, Holt, Ernst & Young, Steve Holt, Shaw, Tenney, Paul, Helen Reagan, Forster, who's, Jennifer, Neil Gutekunst, Edie Ellis, Ellis, BizBuySell, you've, Dave Specht, Specht, they've, " Forster, She's, PwC, Norm Dinkel, Brian Brogan, — he's, hasn't, it's, Jennifer Gutekunst, boomer
Organizations:
Texas Renaissance, NewEdge Wealth, Ernst &, Shaw, University of Rhode, US Small Business Administration, Small Business Administration, Drucker School, Family Business, Claremont Graduate University, Wall, American Investment Council, Saint Joseph's University
Locations:
Texas, America, Sacramento , California, Maine, Orono, Chicago, Washington, Pennsylvania