• Fri, Nov 01, 2024
  • An Unexpected Opportunity: New Generations of Entrepreneurs
  • A_realistic_image_of_a_business_being_sold_by_an_older_man_to_a_younger_woman_both_attired_in_business_casual_clothing_with_no_text_in_the_background

  • An Unexpected Opportunity: New Generations of Entrepreneurs

    By Janet S. Badalow
         MBA

    With thousands of Baby Boomers retiring almost every day and the smaller Gen X generation unable to entirely fill their shoes, the future of business entrepreneurship lies with Millennials and Gen Z. While a generational shift may seem daunting, it presents an unexpected opportunity for everyone.

    If you are part of the retiring Baby Boomer generation and planning to sell your business, your buyer might be a much younger version of yourself. Though their approach may differ, they share your drive for success. Beyond your profitable business, you have much to offer a new, younger buyer, including your customer relationships, company’s reputation, and invaluable experience. Sharing your knowledge with them can help ensure the continued success of the business you built and its value.

    For the new, younger buyers, you bring plenty to the table. As digital natives, using technology comes naturally to you. You know how to leverage social media, e-commerce platforms, and other digital tools to grow your audience and customer base. Your awareness of the latest trends and innovative approaches to customer engagement, with a focus on social, environmental, and ethical issues, are your strengths. Your business plan includes growth strategies along with the work-life harmony you value. Your hope is to continue the seller's legacy while building your own success.

    Buyers: How to find the right business to buy

    To start the process of looking for a business to buy, ask yourself these important questions:

    • What industries interest me?
    • How much money am I willing to invest and where will it come from?
    • Will I qualify for a loan, or do I need to pay cash?
    • What are my financial needs and expectations?
    • Does the business require the skillset I have and want to use?
    • How do I want to spend my workday?
    • Do I want to work full or part-time?
    • Do I need flexibility?
    • Do I have other needs to consider such as family, volunteering, or medical?
    • Am I willing to move?


    Next, engage a business intermediary to help you locate a business that meets your criteria and fits your desired lifestyle.  You might be surprised at what you choose.  A business intermediary will answer your questions and guide you through the entire buying process.

    Sellers: How to sell your business

    Selling your business can be a daunting task; however, engaging a business intermediary will streamline the process, so you can focus on running your business and planning your future. They will be there to answer your questions and support you throughout the entire sales process.  A business intermediary will assist with:

    • Valuing your business
    • Preparing it for sale
    • Soliciting lenders for financing pre-approval
    • Marketing it confidentially
    • Facilitating buyer/seller meetings
    • Negotiating and structuring deals
    • Managing the due diligence process
    • Helping the buyer to secure financing
    • Managing the closing process
    • Transitioning your business to the new owner


    This is an ideal time for the younger generation of entrepreneurs to buy a business and for retiring Baby Boomers to sell their business.  Engaging a business intermediary greatly benefits both buyers and sellers by providing each with the individual assistance they need. If you are interested in buying or selling a business, contact an Edison Business Advisors’ intermediary for a complimentary, confidential consultation.

    I look forward to speaking with you soon!

    Janet Badalow, MBA
    Business Intermediary
    [email protected]
    239-677-8428 call or text