These datasets may help you spot the parts of our country where the potential for acquiring baby boomer-owned businesses is highest.
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In an era where detailed data about baby boomer business ownership abounds, those interested in acquisition opportunities in the small business sector may need to focus on broader demographic trends and business environments.
To help you in this endeavor, we want to share to two pivotal datasets: states with the oldest workforce ranked from oldest to youngest and states with the most small businesses operating in them, ranked from most to least.
This may help you spot the parts of our country where the potential for acquiring baby boomer-owned businesses is highest.
Here are the top 20 states with the oldest workforce, showing potential for businesses owned by the baby boomer generation who might be looking to retire:
Maine - 44.8 years
New Hampshire - 43.0 years
Vermont - 42.8 years
West Virginia - 42.7 years
Florida - 42.2 years
Connecticut - 41.1 years
Delaware - 41.0 years
Pennsylvania - 40.9 years
Montana - 40.1 years
New Jersey - 40.0 years
Rhode Island - 40.1 years
Montana - 39.9 years
Michigan - 39.8 years
South Carolina - 39.6 years
Wisconsin - 39.6 years
Massachusetts - 39.4 years
Ohio - 39.4 years
Oregon - 39.4 years
Alabama - 39.2 years
Hawaii - 39.2 years
The following states boast the highest numbers of small businesses, indicating vibrant local economies and entrepreneurial activity:
California - 4.2 million
Texas - 3.0 million
Florida - 3.0 million
New York - 2.3 million
Illinois - 1.3 million
Georgia - 1.1 million
Ohio - 1.0 million
Michigan - 907,000
North Carolina - 934,000
Pennsylvania - 1.1 million
Virginia - 809,000
New Jersey - 927,000
Colorado - 674,000
Washington - 641,000
Minnesota - 531,000
Arizona - 627,000
Tennessee - 632,000
Missouri - 543,000
Wisconsin - 467,000
Indiana - 522,000
By cross-referencing these lists, seven states stand out as particularly rich grounds for potential acquisitions of baby boomer-owned businesses:
Florida - High numbers of small businesses and one of the oldest workforces.
Pennsylvania - Significant elderly workforce coupled with a strong small business presence.
Michigan - Among the top states for both aging workforce and number of small businesses.
Ohio - Large small business environment and an older workforce.
New Jersey - High small business density with an aging population.
Wisconsin - Notable for its older workforce and substantial small business count.
Montana - Unique for its position in both lists, indicating a potentially less competitive yet ripe market for acquisitions.
For investors and entrepreneurs looking to acquire small, baby boomer-owned businesses, these seven states offer a strategic starting point. The combination of an aging workforce and a robust small business sector suggests that these regions are not only ripe with opportunity but also critical for those seeking to expand their portfolios in a thoughtful, informed manner. This approach ensures that acquisitions are not only opportunistic but also ideally positioned for success in transitioning demographics and economic climates.
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