Who will take over boomer businesses?

Some 40% of American small businesses and franchises are owned by baby boomers. But with 10,000 boomers retiring every day, Small Business Trends asks what’s next for those companies. The outlet notes that many owners will likely need to sell to fund their retirement — 45% of boomers have no savings — and because younger generations are increasingly reluctant to take over family firms. Boomer-owned companies might be snapped up by millennials, many of whom are “leaving corporate jobs to become their own boss” and could be tempted by profitable businesses with strong local brands.