SARANAC LAKE – Around 10,000 members of the 76 million-strong baby boomer generation retire every day. Many of them are small business owners — so what’s to be done about it?
The Center for Businesses in Transition, an organization created by the Adirondack North Country Association, held a workshop Wednesday morning at the Hotel Saranac to answer a piece of that question — selling your business. Around 35 people turned out for the free event.
Angela Smith, assistant director of the SUNY Canton Small Business Development Center, said in the North Country there are 10,000 to 16,000 businesses looking to make a transition between owners — while nationwide, the number is around 12 million.
“One in six private-sector employees is going to be affected by a transition of a business from one owner to the next,” Smith said.
ANCA calls this large cohort of boomers leaving the workforce the Silver Tsunami.
One possible solution discussed to address the problem was baby boomers selling their businesses to younger entrepreneurs. Saranac Lake Area Chamber of Commerce Executive Director and event moderator Patrick Murphy said this lets individuals looking to own a business go a different route than the traditional entrepreneurial start-up. On the flip side, it offers business owners a chance to retire but see their life’s work continue and evolve.
One of the Center for Businesses in Transition’s goals is to connect those two parties.
Read the full article in the Adirondack Daily Enterprise.