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Started By
Message
Many Baby Boomer businesses going for sale in the next 5-10 years.
Posted on 8/1/23 at 11:58 am
Posted on 8/1/23 at 11:58 am
I’ve talked to a handful of older business owners recently about what their plan is in the next few years and they all have said sell and retire.
For people wanting to get out of the hustle and bustle of the corporate ladder, there will be ample opportunity soon to buy a business. Really tossing around the idea of finding something I’m interested in and jumping in soon.
Side note: Are there more mom and pop businesses owned by 55-65 year olds than any other current generation? If so, why is that?
For people wanting to get out of the hustle and bustle of the corporate ladder, there will be ample opportunity soon to buy a business. Really tossing around the idea of finding something I’m interested in and jumping in soon.
Side note: Are there more mom and pop businesses owned by 55-65 year olds than any other current generation? If so, why is that?
28
Posted on 8/1/23 at 12:00 pm to BayouBengal23
Should get interesting considering how delusional a lot of them are about the value of their businesses. Reality check inbound.
Posted on 8/1/23 at 12:00 pm to BayouBengal23
Not handing over or selling to their kids?
Posted on 8/1/23 at 12:00 pm to billjamin
quote:thats your takeaway from this??
Should get interesting considering how delusional a lot of them are about the value of their businesses. Reality check inbound.
Posted on 8/1/23 at 12:01 pm to BayouBengal23
quote:
note: Are there more mom and pop businesses owned by 55-65 year olds than any other current generation? If so, why is that?
Because it requires a strong work ethic.
Posted on 8/1/23 at 12:04 pm to CAD703X
quote:
thats your takeaway from this??
Sounds like a buyer to me.
I like his business acumen. Let's go ahead and drive down the value from the start.
Posted on 8/1/23 at 12:04 pm to CAD703X
It will be interesting. Some just wont be bought IMO.
Posted on 8/1/23 at 12:08 pm to BayouBengal23
Have a couple of family friends who are in the process of doing this. One is a pipe and steel fabrication business that just got acquired by a larger corporation. The other is a small commercial general contractor that is in the process of being bought out (slowly) by their senior project managers.
Posted on 8/1/23 at 12:09 pm to CAD703X
quote:
thats your takeaway from this??
Yes.
Business owners already have delusions about enterprise value and now the market is going to get flooded with sales.
Posted on 8/1/23 at 12:09 pm to BayouBengal23
If you plan on buying someone's business, it's a good idea to get a valuation worked up by a CPA firm first.
If you're buying a client-based business, you must understand that you will likely lose a large chunk of the customers you haven't built a relationship with, especially if you don't have obvious experience with that market. In this scenario, current revenue is almost a useless metric.
If you're buying a client-based business, you must understand that you will likely lose a large chunk of the customers you haven't built a relationship with, especially if you don't have obvious experience with that market. In this scenario, current revenue is almost a useless metric.
This post was edited on 8/1/23 at 12:11 pm
Posted on 8/1/23 at 12:09 pm to BayouBengal23
Good luck negotiating with Baby Boomers. They are the most delusional and greedy bunch out there.
Posted on 8/1/23 at 12:11 pm to BayouBengal23
I’d pass my plumbing business (millions of dollars) to my son but he’s obsessed with something called funko pops and I found a Bernie sticker on his vehicle. Won’t be doing that now.
Posted on 8/1/23 at 12:11 pm to BayouBengal23
quote:
Really tossing around the idea of finding something I’m interested in and jumping in soon.
Interested in??? I think you'd better have a lot of hands- on experience and knowledge of the business you find "interesting" because without it, you will likely drive that business in the dirt quick time.
There are a lot of things I'm interested in, but would fail if trying to run a business in most all of them more than likely.
Posted on 8/1/23 at 12:12 pm to danilo
quote:
Not handing over or selling to their kids?
In this case, the businesses will still be for sale, just delayed a couple years
Posted on 8/1/23 at 12:15 pm to BayouBengal23
quote:
Are there more mom and pop businesses owned by 55-65 year olds than any other current generation? If so, why is that?
Probably so. Their businesses are established by then or have failed and theyre doing something else.
People under 40 imo arent in the mom and pop businesses because they dont have the money to start and sustain one and they largely dont know how to do anything like that(the skill for the business at hand. ie. hvac/plumbing/etc).
This post was edited on 8/1/23 at 12:16 pm
Posted on 8/1/23 at 12:16 pm to billjamin
quote:my first thought
Should get interesting considering how delusional a lot of them are about the value of their businesses. Reality check inbound.
Posted on 8/1/23 at 12:17 pm to gumbo2176
quote:
I think you'd better have a lot of hands- on experience and knowledge of the business you find "interesting" because without it, you will likely drive that business in the dirt quick time.
This is a great point and one of these business owners told me the same thing. I think about undercover boss. And how these owners can’t do anything hands on with the company. Couldnt I hire someone to run all day to day operations and only run the business side of things?
Posted on 8/1/23 at 12:18 pm to White Bear
quote:
Should get interesting considering how delusional a lot of them are about the value of their businesses. Reality check inbound.
my first thought
nothing is worth more than what it sells for, an actuary or CPA should be able to accurately determine the value of a business that's for sale
Posted on 8/1/23 at 12:18 pm to BayouBengal23
Just purchased a business from someone above 70. He refused to accept an official 3rd party valuation of his business because he believed it was worth much more.
Posted on 8/1/23 at 12:20 pm to More beer please
quote:
Just purchased a business from someone above 70. He refused to accept an official 3rd party valuation of his business because he believed it was worth much more.
so he out-negotiated you?
jk
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