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.
Are you a younger baby boomer considering the purchase of a business as a second career? Check out our post: Tips for Baby Boom Buyers.
And if you’re an older baby boomer thinking of selling within the next few years, get our top 10 ten tips to sell your business and not leave money on the table.