Let us consider the United States, noting that Canada, Europe, and Japan largely exhibit similar trends. Approximately 17% of the U.S. population, comprising around 55.8 million individuals, is aged 65 or older. Despite constituting less than a fifth of the nation's population, this cohort possesses the majority of the country's wealth. The baby boomer generation alone possesses an estimated 2.34 million small businesses in the United States, collectively employing over 25 million individuals.
Simultaneously, a significant portion of these businesses is preparing for a transition of ownership. It is estimated that approximately 10,000 Boomers retire daily.
Despite a desire to retire soon, many individuals are uncertain about the process.
As a side note, locally-owned small and medium-sized businesses are purported to reinvest three times as much money into local economies compared to absentee-owned enterprises or corporate chains.
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