Hi, folks. Many business publications have written articles in the last few years about how the Baby Boomer Generation is approaching retirement age.
While many people may be sick of hearing about the Boomers, many of them are business owners who have to start thinking about an exit, and how to harvest what they have built over a lifetime to fund their retirement.
What this survey shows us is that by age 65, Baby Boomers are trying to retire, but they might not be there yet. Some are still working at their jobs or running their businesses; others have transitioned to part-time work, as they are in the process of passing their business on to someone else.
Young entrepreneurs sometimes overlook the opportunity that buying an established business presents. An established business reduces your risk of operations, and the risk of your investment in buying a business.
There are lower up front costs, since the business has been built out and already owns the equipment it needs to do business.
There is predictable cash flow, and a recurring stream of customers. For more insights into the benefits of buying an existing business, take a look at this article on Business.com:
It takes a team to sell your business if you are a retiring business owner, and it takes a team to evaluate the opportunity, if you are a buyer who wants to own your own business. For more information, please watch the video below.
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