Boomer Business Owners “cashing out”
Over on Long Island, over 25% of the population is over 55. That’s a lot of boomers out there. And a recent story in the Long Island Business News reports that many are cashing out- selling their businesses – either because of the economy or age.
One of the reasons stated was the rising cost of running a business. So my question is, how could a new business owner spend LESS on running the business and why would they buy a business now? If the reason for selling is age, that makes sense, but not costs. Or am I missing something?