By 2045, Baby Boomers will sell or pass on an estimated $72.6 trillion in wealth. Their greatest gifts to the next generation are home ownership and small businesses. The latter is particularly crucial; Boomers own 2.3 million small businesses in the US. 75% are currently profitable. Who will own these businesses when the Boomer generation retires? It could be the Boomers’ children, but that’s not guaranteed. Millennials are less likely than prior generations to take over the family business. Instead, Boomers may decide to sell their businesses to fund their retirement.
Boomer Business Owners are Passing Wealth on to Next Generation #Infographic
By 2045, Baby Boomers will sell or pass on an estimated $72.6 trillion in wealth. Their greatest gifts to the next generation are home ownership and small businesses. The latter is particularly crucial; Boomers own 2.3 million small businesses in the US. 75% are currently profitable. Who will own these businesses when the Boomer generation retires? It could be the Boomers’ children, but that’s not guaranteed. Millennials are less likely than prior generations to take over the family business. Instead, Boomers may decide to sell their businesses to fund their retirement.
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