As more and more baby boomers start approaching their retirement age, many wonder what will happen to their business if they decide to retire. Especially if their kids have chosen different careers and didn't want to continue running a family business.
Baby Boomers are part of the generation that grew up and lived through the 50s, 60s, and 70s — a classic period of American History encapsulated and celebrated in many pieces of popular media. All members of this generation are now at an age where people
commonly consider retiring, with the youngest boomers being 57 years old. The oldest boomers are 75.
Despite growing older, many boomers have held off on retirement in order to continue to provide a valuable service to their customers and keep the doors open for their employees. But now there is another solution.
Many millennials are leaving their corporate jobs because they want to become their own bosses, and many of them opt for buying a business that is already doing well instead of starting a new one. This allows baby boomers to retire knowing that their businesses
are in safe hands.
One such business owner is Perry Mead. As detailed in an article published on CPA Practice Advisor, Perry is a business owner who had been running his business for almost 40 years. His company, American Powder Coating, was more than a job for him. It was
his lifetime project and he did it great, managing to grow a company a lot.
Now he is 69 and ready to retire and finally travel the world on his Harley Davidson. However, his business was a very important part of his life. He wanted to make sure it would be taken over by someone who would take good care of it.
That is why Mead contacted Edison Avenue, a company that specializes in connecting business owners with a new generation of young people who are ready to purchase their business.
Perry Mead didn't want just to sell his business to anyone who can buy it, but he wanted to make sure that he is selling to someone who is passionate about his industry and has experience. Selling a business is much harder than trying to sell houses in Ontario but
Edison Avenue did some research and found an ideal buyer — a young man with previous experience in the same industry who was now ready to run his own business. Luke Pemberton, a millennial, bought American Powder Coating, allowing Perry to retire.
Edison Avenue acted like a bridge connecting both sides and making sure that their needs were met. They helped Perry Mead to get the fair price he wanted and to find a reliable person to leave his own business to. On the other hand, they also found an ideal
match for Luke Pemberton, a young man who was ready to become his own boss but who needed advice and reassurance that the business will be financially stable and profitable.
This story is repeating itself across the nation, with many Boomer businesses being taken over by Millennials who are thankful for the opportunity to make a name for themselves and carry the torch of the previous generation, allowing baby boomers to retire.
It’s a win-win.