Silver Surfing: Riding the Wave of Business Successions
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Roughly 76 million Americans were born between 1946 and 1964, ushering in an unprecedented population wave which became known as the Baby Boom. As the cohort ages, the United States is undergoing one of the most significant economic transitions in its history: the retirement of one fifth of the country’s population.
Aptly called the “silver tsunami,” this demographic shift directly intersects with business ownership. Baby Boomers own an estimated 2.34 million small businesses in the United States, employing more than 25 million people. Even more striking, nearly half of all small business owners are over 55 years old, placing a substantial portion of the nation’s privately held companies on the brink of transition.
Looking ahead, projections suggest that more than 12 million businesses could change hands over the next decade, representing an estimated $10 trillion in assets. Taken together, these figures underscore the magnitude of the moment. This is not a gradual shift but a generational transfer of economic control.
While the phrase “silver tsunami” sounds ominous, it also represents one of the largest wealth transfers in US history. Many of these businesses are profitable, well-established, and deeply embedded in their communities.
This generational turnover presents risk and opportunities. Entrepreneurs, employees, and even outside investors have a rare chance to acquire established businesses with proven revenue streams.
Where the Goods Are Old
Alaska’s population is aging rapidly. The number of residents aged 65 and older has more than doubled over the past fifteen years, and their share of the population continues to rise. Thus, Alaska is at the lip of the wave of business succession, according to staff at Transworld Business Advisors of Alaska, which provides exit and succession planning, business valuations, and sales and acquisition services.
“The silver tsunami began around 2019 and 2020, as Baby Boomers started reaching age 65 at a rate of about 10,000 a day,” says Nicholas Mastrodicasa, the founder and managing broker of Transworld Business Advisors of Alaska. “Baby Boomers are the ones who own the largest majority of businesses. As they’re reaching retirement age, they want to spend time with their grandchildren. In Alaska, their grandchildren are probably outside of the state. And some are permanently relocating just to get out of the cold.”
These retirements matter for business ownership. Alaska’s economy is dominated by small businesses, accounting for more than 99 percent of all businesses in the state. Many of these are owner-operated enterprises built over decades.
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October 2026
Moreover, Alaska’s small businesses often play an outsized role in community stability. In smaller towns and rural areas, a single business closure can have cascading effects. For example, the retirement of a local contractor, fishing operation, or transportation provider may leave a gap that is difficult to fill.
Other community impacts include the loss of essential goods or services, reduced employment opportunities, and population decline as residents relocate. These dynamics make succession planning both a business issue and a community resilience issue. As a result, when an owner decides to retire, finding the right buyer or even preparing the business for sale is complex.
“Everyone has an expiration date; we just don’t know what it is, so sell when you’re healthy, so you still have time to enjoy your life once you’re not working so hard.”
—Nicholas Mastrodicasa, Founder and Managing Broker, Transworld Business Advisors of Alaska
The Process of Selling a Business
Selling a business is a multifaceted process that requires careful planning and adherence to a series of steps over an extended period.
“When a seller is selling their business, they’re also selling their legacy. Generally, they have built it from the bootstraps up, and we recognize that. It’s not just a commission-based transaction; it is somebody’s legacy, and it is part of their family,” says Mastrodicasa. “We’re all business owners. My partner Greg Torgeson and I have owned our own businesses that we bootstrapped up, so we know what it takes to build a business and are very respectful about it.”
The process begins with an owner deciding to sell and approaching a broker. “We usually start with a consultation to get to know the business owner and learn more about their business. We want to know what they do and how that got to where they are today,” says Transworld Business Advisors of Alaska senior broker Gunner Hatten. “We introduce them to Transworld by sharing what the sales process looks like from a high-level view. The introduction is followed by doing a business valuation, looking at multiple years of financial performance and the company’s assets to help establish a range of values we believe the business could fetch on the open market.”
The business valuation is followed by a walk-through of the process with the sellers. “We want to be sure our goals align with their hopes and needs regarding their business sale. If we’re on the same page, that’s great; we can usually start to move forward,” explains Hatten. “If we’re not on the same page, let’s say if the price we think the business is worth doesn’t meet the seller’s needs, that’s where we can start to kind of give them some guidance and advice on things that they might be able to do in the coming years to possibly increase the value of their business and make it more attractive to potential buyers.”
Confidentiality is vital throughout the sales process. The sales process begins with a nondisclosure agreement (NDA) signed with the client. “The sellers are sharing very confidential information with us, so we always start with the NDA,” explains Mastrodicasa. “Throughout the process, if we list the business for sale, or if somebody’s interested in buying the business, we make the (potential) buyers sign a nondisclosure agreement.”
Even the advertising process focuses on confidentiality. “The advertising is very vague,” explains Mastrodicasa. “It doesn’t give any details about the business other than revenues and things like that. We don’t use any identifiable photos in advertising. We want to keep this process strictly confidential because it could harm the owner if employees learn of a potential sale. You don’t want to scare the employees, bankers, and lenders, who might start to assume there are financial issues, and even suppliers might assume that the business is in trouble. You just don’t want to have to deal with that. You want to announce the sale after it’s done, not before.”
“Everyone has an expiration date; we just don’t know what it is, so sell when you’re healthy, so you still have time to enjoy your life once you’re not working so hard.”
—Nicholas Mastrodicasa, Founder and Managing Broker, Transworld Business Advisors of Alaska
The Process of Finding Buyers
Buyers for businesses come from a diverse range of backgrounds and investment strategies. “You have first-time buyers, repeat buyers, and strategic buyers who may already own a business and are looking for a company that would be a good fit for what they own,” says Mastrodicasa. “For example, if you own a manufacturing company and you can buy out a supplier, that would be a strategic purchase, and prices often come down.”
Some buyers are solo entrepreneurs seeking to own and operate their own enterprise, and others are serial entrepreneurs with experience building and running multiple businesses. In addition, there are established companies that aim to expand their operations by acquiring other businesses. These businesses may pursue either vertical integration, adding companies along their supply chain, or horizontal integration, which involves acquiring competitors or similar businesses to increase market share.
“Another group of buyers includes family offices, which are typically made up of a small group of individuals or family members who have done really well for themselves and have a pool of money they can use to invest and purchase businesses,” adds Hatten. These groups pool their resources to invest in and purchase businesses as part of their investment portfolio.
On a larger scale, private equity groups are key players in business acquisitions. These organizations manage substantial amounts of capital and often seek to consolidate companies within a specific industry. Their strategy frequently involves acquiring multiple similar businesses across a broad region, with the goal of enhancing value through consolidation and operational improvements. Eventually, private equity groups may plan for a liquidation event or aim to achieve significant returns for the investors participating in their funds.
The Bottom Line
The impending surge in retirement among business owners is not a cause for apprehension, but it does warrant thoughtful preparation. With the right strategy, guidance, and timing, the transition from ownership to retirement can be one of the most rewarding chapters in a business owner’s journey.
Even if a business owner isn’t ready to sell, preparations often solve unexpected events. “In 2021, post-COVID, I couldn’t reach one of my sellers, and I had somebody who was very interested in buying his business. Finally, his wife answered his cell phone, and he had passed away,” shares Mastrodicasa. “She was able to continue running the business because we had systems, processes, and controls in place in a management team, which made the business very attractive, and she ended up not selling.”
As for timing, Transworld advises to start the process at least three years before an owner plans to sell. Three to five years is ideal as it allows ample time to review records and help business owners prepare for the future when the sale takes place.
As Mastrodicasa says, “Everyone has an expiration date; we just don’t know what it is, so sell when you’re healthy, so you still have time to enjoy your life once you’re not working so hard.”