Why Now is the Time for Millennials, Gen Xers to Buy a Small Business?

By Jeremy Field, Regional Administrator, Pacific Northwest U.S. Small Business Administration (SBA)

When it comes to growing the economy, we often focus on job growth through starting a new business. However, there is also a lot to be said about job retention and growth through transitioning current businesses to the next generation.

Our country has started riding the wave of the “Silver Tsunami,” the increasingly large number of Baby Boomers retiring. Research shows millions of Baby Boomers will sell or close their businesses during the next 10 years and 72 percent of them lack a succession p...