A looming “silver tsunami” of retiring baby boomer business owners could dramatically reshape America’s small-business landscape.
Nearly half of U.S. small-business owners are 55 or older, yet just 54% have a succession plan in place — setting the stage for a potential retirement shock that could leave many companies vulnerable over the next decade, according to Forbes.
The stakes are high. Small businesses employ more than 62 million Americans and account for roughly 43% of U.S. GDP, according to the U.S. Small Business Administration.
If a significant share of those businesses close instead of transitioning to new leadership, communities nationwide could feel the effects, American Operator Founder William Fry told FOX Business.
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“They’re huge creators of wealth, and in my opinion, they’re the most pure version of the American Dream — you come to this country, and you can build a better life for yourself,” Fry told FOX Business.
Many owners have spent decades building their businesses on relationships and reputation, making succession decisions deeply personal.
After 12 years growing a painting company in Jackson, Wyoming, husband-and-wife team Erik and Kassie Hansen began considering their next chapter at Greenway Painting — whether to sell the business or step away entirely.
By 2024, 90% of the company’s revenue came from commercial clients, and 85% came from repeat customers, a testament to the loyalty they had cultivated.
“All of our clients are very important,” Erik Hansen told FOX Business. “Especially in a small town, they are like friends or family when you work with them for years and years. You want to make sure they get well taken care of. That’s important.”
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Companies like American Operator aim to bridge the succession gap by pairing retiring owners with operators ready to take the reins.
In Greenway’s case, that operator was Anthony Douglas, a former U.S. Air Force Combat Controller who previously founded and scaled his own painting company in Tucson, Arizona.
“One of the reasons why I was attracted to Greenway Painting was that it was a relational business,” Douglas told FOX Business. “Greenway was pretty successful without having any advertising or marketing.”
In October 2025, Douglas became CEO and a day-one equity partner, acquiring a 10% stake with a structured path toward majority ownership over time.
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He relocated to Jackson from Tucson to lead the company, focusing on preserving customer trust while gradually putting his own stamp on operations.
For companies like American Operator, the coming wave of retirements also represents an opportunity to preserve local businesses that form the backbone of the American economy.
“To open this opportunity to all that answer the call of ownership, and to let everyday Americans share in the upside, we are working towards building America’s small business stock,” its website states. “Our goal is a public offering that allows millions of Americans to have a stake in the American Dream.”
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