A 'Silver Tsunami' Is Coming for Small Businesses - and Millions of Jobs, Say Experts

"According to a 2025 U.S. Bank report, nearly half of U.S. small-business owners are 55 years or older, yet only about 54% have any kind of succession plan in place. The U.S. Small Business Administration notes that small businesses employ more than 62 million Americans and generate 43% of U.S. GDP."

"Nonprofit Project Equity estimates that aging Boomers preparing to retire own 2.3 million small businesses nationwide, representing one in six jobs in the U.S. economy. Many of these firms lack successors who want the business, and a third of owners over 50 report they struggle to find a buyer at all."

"When there is no succession path, businesses are more likely to quietly close or attract attention from larger, often non‑local buyers. This can erase local jobs and shift wealth and decision‑making out of the community, per Project Equity."

The U.S. faces a "silver tsunami" as Baby Boomer small-business owners approach retirement without adequate succession planning. Nearly half of small-business owners are 55 years or older, yet only 54% have succession plans in place. Small businesses employ over 62 million Americans and generate 43% of U.S. GDP. Project Equity estimates 2.3 million small businesses owned by aging Boomers represent one in six U.S. jobs. When businesses lack successors, they often close quietly or are acquired by larger, non-local buyers, erasing local jobs and shifting wealth out of communities. This widespread closure pattern could create significant ripple effects across communities nationwide, threatening economic stability and local employment.

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