Growing Trend: Millennials Are Helping Baby Boomers Retire (Source: Boom Again)

Leaving behind a business can be a daunting and strange task, especially when that business has been built and developed over decades. This leaves baby boomers stuck between wanting to retire to enjoy trivia board games with the family and wanting to keep the business going so that their employees and clients will continue to be supported.

The only way to satisfy both needs is to sell the business to someone who can take good care of it. Now, millennials are stepping up to the plate and reducing some of the stress that comes with that transition by buying up those businesses to become the next generation of owners—allowing the baby boomer entrepreneurs to retire in the process.

One of the biggest unwritten stories around is the substantial flood of business owners transfers in the US. The inspiring story of a small business owner handle the mantle to the next generation is one such story.

In the ’80s, Perry Mead decided to leave his hometown of Detroit and his high-speed life as a member of a motorcycle gang. Mead moved to Tampa, Florida to start his new life and build a successful business—All American Powder Coating. The company specializes in ceramic coating, powder coating, and sandblasting, everything from fences to jets.

At 68 years old, Perry Mead decided it was time to sell his business. He sought out Edison Avenue as the M&A firm to sell the business so he could retire. He planned to buy a new Harley Davidson and travel the world. 

“Edward Valaitis was able to get us our asking price and the right buyer who would take care of my employees and customers,” said Perry Mead in an interview with CPA Practice Advisor. The venue recently published the story of how Perry managed to sell his company.

Edward and the team at Edison Avenue have more than 25 years of experience. Their specialty is selling businesses to the next generation of owners. Edison Avenue prides themselves on their effectiveness in serving companies with revenues of $25 million or less, leading both the “buy-side” and “sell-side” of the engagements. 

For Mead, it was important to find a buyer who understood the industry and the value of the company. Edison Avenue delivered on those goals and sold the business at a fair price. 

“Ed was a calming force, especially for me, as I made the biggest business decision of my life,” said Luke Pemberton, the buyer of All American Powder Coating. Pemberton spoke about the emotional aspects of both buying a business for him and selling a business for Mead, and he was thankful to have a neutral advisor to talk to about his concerns—such as is this the right fit, is it a good business, is this a chance for a solid financial future? 

Buying or selling a business is more than just a transaction. The interaction can be an exhaustive and intensive process, and companies like Edison Avenue seek to ease the stress and assist both parties as much as possible.

As baby boomers near retirement age and concerns develop about leaving behind the businesses they’ve spent the better part of their lives building, it’s a good sign for the economy to see millennials already putting into motion the torch-carrying process. The more businesses that can be handed off to capable and well-intentioned young minds, the more industries can thrive.

About Boom Again

We wanted to create an authentic Baby Boom experience, a parade of memories that touched our lives, not just a list of events, dates and facts. So, that meant we really had to keep our Boomer antennae tilted just the right direction.