Small Businesses Brace for Boomer Retirement ‘Silver Tsunami’
A looming “silver tsunami” of retiring baby boomer entrepreneurs could significantly reshape the small-business landscape across the United States.
Nearly half of all U.S. small-business owners are 55 or older, yet only 54% have a succession plan in place, according to Forbes. That gap could set the stage for a wave of retirements over the next decade that leaves many businesses without a clear path forward.
The potential impact is substantial. Small businesses employ more than 62 million Americans and generate roughly 43% of the nation’s gross domestic product, according to the U.S. Small Business Administration.
If many of those companies shut down rather than transition to new leadership, communities across the country could feel the consequences, American Operator founder William Fry told FOX Business.
“They’re huge creators of wealth, and in my opinion, they’re the most pure version of the American Dream — you come to this country, and you can build a better life for yourself,” Fry told FOX Business.
For many owners, planning what happens next is not simply a financial decision. After spending decades building companies based on relationships and reputation, passing the business on can feel deeply personal.
Erik and Kassie Hansen know that feeling well. After spending 12 years building Greenway Painting in Jackson, Wyoming, the husband-and-wife team began thinking about their next chapter — whether that meant selling the company or stepping away from it.
By 2024, the company had developed a strong and loyal customer base. Ninety percent of its revenue came from commercial clients, while 85% came from repeat customers.
“All of our clients are very important,” Erik Hansen told FOX Business. “Especially in a small town, they are like friends or family when you work with them for years and years. You want to make sure they get well taken care of. That’s important.”
Companies such as American Operator are trying to address the succession challenge by connecting retiring business owners with experienced operators willing to step in and take over.
For Greenway Painting, that successor became Anthony Douglas, a former U.S. Air Force Combat Controller who previously started and expanded his own painting company in Tucson, Arizona.
“One of the reasons why I was attracted to Greenway Painting was that it was a relational business,” Douglas told FOX Business. “Greenway was pretty successful without having any advertising or marketing.”
Douglas became the company’s CEO in October 2025 and also joined as a day-one equity partner, purchasing a 10% stake in the business with a structured plan to eventually obtain majority ownership.
He relocated from Tucson to Jackson to run the company, prioritizing the preservation of long-standing customer relationships while gradually introducing his own operational approach.
For organizations like American Operator, the wave of upcoming retirements also presents a chance to preserve the small businesses that anchor local economies.
“To open this opportunity to all that answer the call of ownership, and to let everyday Americans share in the upside, we are working towards building America’s small business stock,” the company states on its website. “Our goal is a public offering that allows millions of Americans to have a stake in the American Dream.”
