A comment in our Small Business Lending LinkedIn Group over the weekend raises an interesting point: what will happen to this economy after the coming retirement of the Baby Boomer generation? “Neither Congress or the current administration really understand the benefits the SBA has brought, does bring, and will bring to the economy,” commenter Dave Phillips wrote, “The coming retirement of the Baby Boomer Business Owners only emphasizes this. We [lenders] play a significant role in facilitating the transfer of business ownership, and if current owners who retire are not able to transfer their businesses intact, what will happen to all the jobs in those businesses?”
The President who wins this election will have to face the beginning of this Baby Boomer retirement wave. If the SBA isn’t supported or unable to help with the transfer of ownership process, it could result in the loss of those businesses. The more small businesses that close, the more jobs that are lost. “If successful businesses owned by this group are not effectively transferred to new ownership,” Phillips concluded, “I fear the national unemployment rate will see a major negative impact.”
Thanks to Dave for the Comment, and You Can Comment on Coleman’s Small Business Lending LinkedIn Group Here.