Across North America, baby boomers have been known as both money-makers and spenders. And more of them are now “making or spending” by selling or buying a business.
The baby boomer generation covers quite an age range. Born between 1946 and 1064, the oldest are now 68 and the youngest, 50.
In the market for buying or selling a business, the older boomers are selling and the younger boomers are buying.
Most buyers I’m dealing with right now are in their early 50s to 55. This represents 40 to 50% of buyers. None of them are past 60. The others are mostly in their 30s and 40s.
Some 85% to 90% of the individuals who contact us have never owned a business. That percentage is almost double the 47% that Market Pulse has reported as first-time buyers. How do I explain that?
Most respondents to Market Pulse surveys operate in the U.S. and some aspects of their market are different than ours. An example: they refer to “main street businesses” while we talk about “small businesses.” Whatever we call it, both terms represent the same market—businesses that are valued from $0 up to $2 million.
And that market is heating up in Canada as well as the U.S. All of our offices report more buyer engagements.