Looking for Baby-Boomer Businesses To Buy? Consider This… 

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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. 

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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. 

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This may help you spot the parts of our country where the potential for acquiring baby boomer-owned businesses is highest.

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States with the Oldest Workforce

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:

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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

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States with the most SMB’s operating in them

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The following states boast the highest numbers of small businesses, indicating vibrant local economies and entrepreneurial activity:

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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

Spotting Opportunities

By cross-referencing these lists, seven states stand out as particularly rich grounds for potential acquisitions of baby boomer-owned businesses:

(We list the state and the broad reason why we chose it, based on the datasets.)

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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.

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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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