One of the three main jobs that will be opening up as the 78 million boomers retire is in the accounting field.  This is great news not just for those who will be starting their careers soon but almost every generation will find benefits to the boomers retiring--especially if they've ever dreamed of owning their own business.

Boomers own an estimated 12 billion businesses nationwide that combined are worth $10 trillion.  An estimated 65-75%--8 to 10 million--of those businesses will be for sale in the next 5 to 10 years, especially since boomers seem to be more interested in enjoying an early retirement instead of holding onto their business into their 70s or 80s, like generations before them.

Many of these buisinesses in this $10 trillion market are in the accounting field. At Naab Consulting, we make it easy to buy or sell a CPA, EA, Public Accounting firm or tax practice; offering over ten years experience to both buyers and sellers. 

As a result of the Boomers, the vast number of CPA Firms and Accounting Businesses for sale will have prices dropping, making it easier for potential buyers, like other boomers and laid-off corporate executives, to buy them. Expert Michael Lefkowitz, the author of Where is the exit?, says "It's going to be the biggest transfer of wealth in the history of the United States."

Historically 3% of businesses are passed down to family members.  A lot of boomers have different value systems though, and want their kids to live their own life--not follow in their footsteps.  Not only that, but with the uncertainty of the social security system a lot of entrepreneurs are relying on the sale for retirement funds and most of their kids won't have the money to afford it.  Typically, it also takes about 5 years for another generation to make the transition from worker to owner.

So, if you're interested in owning a business, you don't have long to wait before the opportunities become abundant. Now is a great time for buyers and sellers! At Naab Consulting we offer a guiding hand, expert advice, financial help and more. If you're interested in selling your accounting firm go to our Accounting Practice Seller Registration Page OR if you're interested in buying an accounting firm go to our Accounting Practice Buyer Registration Form.

Sources:
Don't Leave Money on the Table

How to Sell a Business

Boomer Business Owners Expected to Hold on Tight