Boomers may be retiring, but they are far from relaxing on a beach somewhere
Sacramento, CA (Vocus) September 2, 2009
The California Association of Business Brokers says that although there are many baby boomers looking to retire and sell their business, there are a growing number of boomers who are looking to buy. In fact, AARP estimates that 70% of those 45 years and older plan to continue to work after retirement. For many, that means making the investment into a business of their own.
Ron Hottes, president of the California Association of Business Brokers (CABB, a non-profit trade organization) and of several Business Team Business Brokerages, is not surprised by the estimates. “Boomers may be retiring, but they are far from relaxing on a beach somewhere,” Hottes stated. “Retirement for some boomers means taking on a new business venture.”
According to Hottes, boomers are getting into several types of business ownership including:
Turning long-time hobbies into a profitable business
“Boomers seek to buy an existing business in these and other areas as the best strategy because it is more cost effective than if they started one from scratch,” Hottes stated. “When boomers retire, they have a lot of investments that they don’t want to risk. Buying a business with a sound profit history as well as growth potential is the safety net they need.”
Boomers who are in the best position to take the next step into business ownership include those who realize they have a lot of experience that can benefit them in a more direct fashion. For some boomers, a business is a way to supplement retirement income or create new wealth while still being able to maintain a flexible lifestyle.
Hottes suggests that boomers who are looking to get into business for themselves start off on the right track. “Research a business that fits your needs and work with a certified business broker to get the best deal possible,” Hottes stated. “A business broker can help you with the details to get your second career going.” http://www.cabb.org.
The California Association of Business Brokers (CABB) is a professional trade association dedicated to promoting the growth and professionalism of the business brokerage community within California. CABB is the largest organization of business brokerage and merger and acquisition specialists in the state, with more than 650 members. Founded in 1986, CABB was organized to recognize the profession of business broker, to offer advanced educational programs to all members, to create and maintain credentials, help educate the public on the benefits of using licensed business brokers and to establish a code of ethics for all members.
Use of the information from the California Association of Business Brokers is solely for informational purposes. The opinions expressed in this document do not constitute legal or financial advice.