In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.
I believe that this applies in U.S. as well.
These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.
I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.
I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.
I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.
I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.
1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.
2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it
3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.
I believe that this applies in U.S. as well.
These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.
I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.
I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.
I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.
I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.
1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.
2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it
3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.
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