The Great Wealth Transfer: How Baby Boomers Are Leaving Their Legacy

The Great Wealth Transfer: How Baby Boomers Are Leaving Their Legacy

Did you know that the baby boomer generation is expected to transfer over $65 trillion to their adult children? Baby boomers own 2.3 million small businesses, and between these operations and home ownership,the generation has built up a great source of wealth to transfer to the next generations.

Aside from passing along wealth to their children, baby boomers are going to be passing on trillions to the next generation of business owners. 35% of businesses owned by baby boomers have been in operation for over 10 years and have an already established customer base. 58% of small business owners have no transition or succession plan, so they prepare to sell their businesses. Luckily for millennials, buying an established business can be a better option than starting their own, and with so many baby boomers retiring there is a large pool of small businesses going on the market soon.

By 2045, baby boomers are expected to sell or pass on an estimated $72.6 reillion in wealth. Millennials and Gen X can profit from that wealth transfer if they start planning to take over businesses now. You can learn more about the transfer of wealth from baby boomers to the next generation in the infographic below:

The Boomer Business Bomb
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