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Wealth managers and financial industry observers have pointed out that we are in the midst of a great wealth transfer<\/a> driven by Baby Boomers. As Boomers (the generation born between 1946 and 1964) have aged, the savings and investments they worked hard to accumulate are now passing via inheritance to younger generations.<\/p>\n Yet, what happens when a Boomer has owned a business, and the family has no interest in continuing to run that business? Baby Boomers currently own an estimated 2.3 million businesses<\/a>, and a projected six out of 10 owners plan to sell their businesses by 2030. In addition, 47% of family business owners<\/a> expecting to retire in five years say that they do not have a successor in mind or in place. It\u2019s estimated that only 30% of family businesses survive the transition from first to second generation ownership.<\/p>\n These trends indicate a significant opportunity for would-be entrepreneurs to explore a chance at business ownership.<\/p>\n What\u2019s Your ETA?<\/strong><\/p>\n Entrepreneurship Through Acquisition (ETA) is a hot topic among individuals interested in acquiring and operating a business as a career path. Compared with pursuing a traditional career, ETA offers the chance to \u2018be your own boss\u2019 without needing an investment of time or money to build a business from the ground up.<\/p>\n If you\u2019re considering exploring ETA and the burgeoning SMB acquisition market, here are some considerations:<\/p>\n Does Industry Knowledge Matter?<\/strong><\/p>\n If you\u2019re thinking about buying an established business, you may be wondering if knowledge of the business\u2019s industry is a prerequisite and if it\u2019s essential that you have some experience with it.<\/p>\n The short answer is, \u2018no.\u2019 If you\u2019re purchasing a business that already has a great team of people and solid systems in place, you can focus on building the business as its new owner and let them keep doing what they do best. However, it\u2019s a best practice to create a transition plan with the previous owner that\u2019s clearly communicated to employees so that you maintain their trust and company loyalty.<\/p>\n If you\u2019re interested in business ownership through a merger and acquisition (M&A)<\/a>, a Certified Public Accountant (CPA) like S.J. Gorowitz Accounting & Tax Services is uniquely skilled in capturing every pertinent financial detail and performing the objective due diligence necessary. Having the right business advisory services<\/a> can keep the deal on track and help you avoid post-transaction surprises. For M&A planning and strategy support, please call 770.740.0797 or email info2@SJGorowitz.com<\/a>.<\/p>\n<\/div>\n<\/div>\n\n