After decades of early mornings, late nights and endless paperwork, Australia’s Baby Boomer business owners are finally asking: “What now?” 

They built businesses in the 1980s and ’90s – back when marketing meant a fax blast and Google was still just a big number.

These Boomers have powered the economy one sandwich shop, dry cleaner, and ute-load of plumbing supplies at a time. But now, Boomers are in their 60s and 70s, and face the final act of their working life. 

While employees tend to retire in their mid- to late-60s, business owners tend to hang around for longer. Looking at all members of the workforce, once we surpass the age of 75, more than half of workers are business owners.  

Spoiler alert: a surprising number of Boomer business owners have no idea what comes next. 

Global data suggest that around 70 per cent of family businesses have no formal succession strategy. None. Nada. For many, planning for the end of their business is like writing their own obituary — too grim, too soon, and definitely not a fun Sunday afternoon activity. 

And yet, time is marching on. The knees are creakier. The early starts feel earlier. That third coffee doesn’t hit quite like it used to.

Boomers aren’t just running businesses anymore — they’re running out of reasons not to retire. 

Some have dreams of passing the reins to the kids. But the kids have other dreams – most of them involve tech startups, kombucha, and working from anywhere but the family shop. So, many Boomers pivot to Plan B – sell the business. And if no buyer shows up? Plan C: quietly shut the doors. 

There is now a glut of small businesses hitting the market, but not nearly enough buyers with the cash, courage, or caffeine tolerance to take them on. It’s a buyer’s market – and for many, it’s more a “closing down sale” than a “golden handshake.” 

But here’s where things get interesting: more and more Boomer business owners are........

© The New Daily