Trend: ‘Millennials’ rapidly buying businesses, allowing ‘Baby Boomers’ to retire
Florida-based Edison Avenue specializes in selling businesses to the next generation of business owners.
TAMPA, Fla., Nov. 20, 2019 /PRNewswire/ — As more than 12 million baby boomer business owners near retirement age it can be daunting leaving behind a business that you’ve nurtured for decades.
Thankfully more Millennials are stepping up, leaving the employee world, becoming their own boss and allowing Baby Boomer entrepreneurs to retire.
The biggest unwritten story in business is the massive wave of business ownership transfers in the US.
One such case, is this truly inspiring and story of a small business owner passing the torch to the next generation.
Perry Mead left his hometown of Detroit and his fast life as part of a motorcycle gang in the 80’s to move to Tampa to start a new life and build a successful business, All American Powder Coating. The business specializes in sandblasting, powder coating and ceramic coating, everything from fighter jets to fences. At the age of 69 years old, he felt it was time to sell his business, and turned to Edison Avenue as the M&A firm to sell the business so he could retire, buy a new Harley Davidson and travel the world. “Edward Valaitis was able to get us our asking price and the right buyer who would take care of my employees and customers” said Perry Mead.
It was vital to be able to find a buyer who worked in this industry and understood the value of the company. And that’s exactly the type of buyer that Edison Avenue found, and was able to sell the business for a fair price. “Ed was a calming force, especially for me, as I made the biggest business of my life. Sounds cliché perhaps, but buying a business has an emotional side to it and having a neutral advisor to talk to regarding concerns about if this is a good business, the right fit, a chance for a solid financial future, etc. is invaluable,” said Luke Pemberton, buyer of All American Powder Coating.
Edward and his team at Edison Avenue have over 25 years of experience and specialize in selling businesses to the next generation of business owners. Edison Avenue is very effective in serving companies with revenues of $25 million or less, leading both “sell-side and “buy-side” engagements.