Research & Data
The Silver Tsunami
Research & Data
The data behind the $5 trillion boomer business succession wave. Every statistic sourced from named primary research — Census Bureau, BizBuySell, IBBA, McKinsey, and Gallup.
Of U.S. employer-business owners are 55 or older
52.3%
Approx. 3 million of 6 million private-sector employer firms
Median days to sell a small business (2024)
168 days
Down from 182 days in early 2023
In enterprise value at stake through 2035
$5 trillion
Across ~6 million SMBs facing ownership transitions
By State
% of employer-business owners age 55+
State-level breakdown from the U.S. Census Bureau 2022 Annual Business Survey (reference year 2021), compiled by LendingTree.
Key Findings
~60% of businesses currently for sale are boomer-owned
IBBA Market Pulse, Q3 2025Only 54% of small business owners have any succession plan in place
U.S. Bank Small Business Perspective Report, 20259,546 small businesses sold in 2024 — $7.59B in enterprise value, up 15% vs. 2023
BizBuySell Insight Report, Full Year 202438% of sellers in 2024 cited retirement as their primary reason for selling
BizBuySell Insight Report, Q4 2024Succession Reality
What actually happens when owners exit
92%
Of market exits occur through closure — not sale or transfer
62%
Of owner-business operators have accelerated retirement timelines in the past 5 years
74%
Of employer-business owners plan to eventually sell or transfer (vs. close)
Why this matters
for acquisitions
The succession crisis creates a structural imbalance: more businesses coming to market than qualified buyers to absorb them, with the majority of exits happening through closure rather than sale. For buyers who can underwrite correctly, that's a dislocation.
- Average cash flow multiple: 2.57x in 2024, up from 2.49x in 2023 (BizBuySell)
- Seller financing averaged 15–16% of total consideration in Q4 2024 deals (IBBA)
- 61% of brokers expected stronger buyer demand in 2025; 72% expected more sellers (BizBuySell survey)
Washington State Case Study
$112 billion in revenue at risk over 15 years
Representing more than 500,000 jobs tied to boomer-owned businesses in a single state.
Source: Project Equity regional researchFoundation Intelligence
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