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What Millions of Retiring Small Business Owners Could Mean for Cities

From Next City

Roughly 10,000 baby boomers turn 65 every day in the United States. They don’t all own small businesses, but their aging presents an opportunity for more workers to get the chance to own businesses and even build some wealth.

Baby Boomers own the majority of small businesses, but only 17 percent of them have a formal exit plan for when they want to retire. Shutting down is the first option, even in cases where the business might be doing well. The consequences can include the disappearance of the lifeblood of any neighborhood or the soul of any street and a significant loss of jobs. Such changes would most negatively affect those who earn and own the least. While each business may employ a small number of people, small businesses provide the vast majority of employment within low-income urban areas.

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