It is a realization that many business owners their age are coming to. As the sting of the recession fades and the economy grows healthier, entrepreneurial baby boomers who spent the last few decades building businesses are starting to move on to the next phase of their careers: cashing out.
And as the generational torch is passed, the profile of small businesses is changing, too, with a markedly higher share of minority groups and women among younger business owners — a trend that could shift patterns of wealth and economic prospects.
The number of small businesses listed for sale nationwide is at a six-year high, according to data compiled by BizBuySell.com, an online marketplace. The tally of completed transactions is also rising, and the median sale price is up 12 percent compared with prices a year ago.
Businesses are sold for a wide variety of reasons, and America’s improving economy is the largest factor in the recent rise, according to those in the industry. But bankers and brokers say there is a significant increase in sales from business owners in their 60s and 70s who are ready to turn their creations over to a new generation of owners.