Did you know that the baby boomer generation accounts for 40% of small business and franchise ownership in the United States? 35% of these small businesses have been in operation for over ten years and 75% are currently profitable. With this large amount of profitable business, the baby boomer generation contributes billions of dollars to the United States economy.
Aside from the dollar amount that these small businesses contribute to the economy, many Americans rely on them to succeed. Boomer-owned businesses employ 25 million people, meaning 1 in 3 Americans rely on income from these small businesses. Tens of millions more Americans are dependent on the existence and success of these small businesses such as vendors and gig workers.
Boomer-owned businesses are a vital part of our economy. With many baby boomers starting to look ahead towards retirement, the next generation will be responsible for keeping these small businesses successful. Learn more about how these small businesses affect the economy in the infographic below:
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