We’ve covered the labor shortage aspect of boomers retiring over the last year in the articles below but one aspect that we haven’t covered is the fact that Boomers own 55% of small businesses.
Boomer Consequences: Pilots, Truckers, Nursing and More…Shortages
Upcoming Boomer Caused Shortages 2021-2030
Demographics: Farmers, Boomers and Business
But one aspect that we haven’t covered in much detail is how many boomer owned businesses may disappear in 2030. We came across this must read article from ATD.com. Here are a few facts:
- Baby Boomers own 2.3 million businesses
- Boomer owned businesses employ 25 million people
- Millenials don’t want their Boomer family’s business
Baby boomers, who own 40 percent of all small businesses and franchises, make up a significant portion of the market.
atd.com
The United States is going to fundamentally change on so many levels that we can’t begin to contemplate all of them but the worst part is that it will start to happen everywhere almost all at once. It is unlikely society will be able to adapt relatively quickly but we’ll have to wait and see. The year 2030 is when all baby boomers will be 65 or over and eligible for social security and medicare. We sincerely hope everyone doesn’t head for the exits at the same time.
We’ll keep researching this topic and find ways to profit from the upcoming changes but in the meantime stay tuned and stay solvent.