New business opportunities are emerging in the wake of the so-called Silver Wave or “Silver Tsunami,” each referring to the mass retirement of baby boomers — individuals born between 1946 and 1964. With, 53% of business owners planning to sell or transfer business ownership within the next decade, this societal shift is creating new opportunities for younger generations to lead, buy businesses, and reshape the economy.

Here are three tips for navigating the Silver Wave and the evolving business landscape.

1. Look for entrepreneurship opportunities.

With baby boomers making up 40% of small business owners, a wave of business transitions is on the horizon. This shift is expected to create a buyers’ market, offering unique opportunities for those interested in purchasing an established business. Investing in a well-established company allows for aspiring entrepreneurs to expand their horizons without the risks of building a business from scratch. You can uncover potential opportunities by networking with business chambers and industry-specific events.

2. Consider buying an established business.

If you’re thinking about purchasing a business from a retiring person, there are a few critical aspects to consider.

• Consult a team of professionals, including accountants and business brokers, before making substantial purchases. These professionals can help determine if the business you’re buying will set you up for long-term success.
• Ensure the existing team is full of experienced individuals and the business plan is well organized. Once you step into the role as owner, the business should still run at full capacity, even during the transition. 
• Maintain the same skill level, customer service, and expectations when acquiring or purchasing a pre-existing business.
• Be patient and make big changes slowly. Learn and observe how the business operates so you can build trust with the staff and clientele. 
• Speak with a small business financial advisor. They can help you assess the viability of your business model and outline strategies important to your path to profitability.

Additionally, FirstBank is committed to meeting aspiring business owners with strategic guidance to ensure they’re well-equipped to take advantage of acquisition opportunities. To learn more, visit efirstbank.com/goodbusiness or email businesslending@efirstbank.com.

3. Step into leadership roles.

The Silver Wave may lead to a talent shortage and a need for more aspiring leaders in the workforce. Companies will inevitably look to elevate current employees and transition them into leadership roles, allowing current employees to reach new heights in their careers. Additionally, promoting from within is found to contribute to overall company morale. According to a Joblist survey, 71% of employees believe hiring from within is better for scaling a business.

The Silver Wave is reshaping business as we know it — but it also opens the door for new leadership, growth, and innovation. Whether you’re buying a business, starting one, or stepping into a new role, FirstBank is here to help support your next move.

For more tips and tricks, visit the Business Success page at efirstbankblog.com.

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Published: April 16, 2025