Millennials Rapidly Buying Out Businesses, Allowing Boomers to Retire

More than 12 million baby boomer business owners are nearing retirement age, reports CPA Practice Advisor . For many, it can be daunting leaving behind a business that they've nurtured for years. Thankfully, a growing number of millennials are stepping up, leaving the employee world, becoming their own boss, and enabling Baby Boomer entrepreneurs to retire. A case in point is All American Powder Coating, a Tampa-based business started by Perry Mead. When he turned 69, Mead hired the Edison Avenue mergers and acquisitions firm to sell his company to a buyer who worked in the vehicle-coating industry and understood the value of the business. The eventual buyer was Luke Pemberton, who notes "buying a business has an emotional side to it and having a neutral adviser to talk to regarding concerns about if this is a good business, the right fit, a chance for a solid financial future, etc. is invaluable."