Is the Wave of Retiring Business Owners Creating a Real Opportunity for Searchers?

There’s a trend that keeps coming up in conversations about small-business acquisitions. A large number of business owners are reaching retirement age, especially those who built their companies 20–40 years ago. In the U.S. alone, millions of small businesses are owned by people in their late 50s, 60s, and beyond. This is often called the “silver tsunami.” On paper, it sounds like a massive opportunity for first-time buyers: • More owners are thinking about exits • More businesses quietly available off-market • Less competition than venture or tech deals But in practice, it’s not always that simple. Many of these owners: • Have never formally prepared the business for sale • Don’t actively list with brokers • Are emotionally attached to what they built Need time and trust before even considering a transition. This creates a very different dynamic compared to brokered deals. It raises a few important questions for searchers: • Is this really a buyer’s market, or just a slower one? • How patient do you need to be with retiring owners? • What actually works when approaching owners who aren’t “for sale” yet? I’m curious to hear from the community. For those actively searching: Have you seen more openness from retiring owners lately, or is it still hard to get meaningful conversations going? And for those further along: Did age and succession planning play a role in the deal you eventually closed? Looking forward to hearing different perspectives.