McKinsey – M&A

The Great Ownership Transfer: A New Era of Business Stewardship

The United States faces an unprecedented wave of small‑business ownership transitions as baby‑boomers retire, with an estimated six million SMBs hitting the market by 2035 and over $5 trillion in enterprise value at stake. Only about one‑million firms are deemed viable for sale or employee ownership, leaving the majority at risk of closure. Rural communities and underrepresented entrepreneurs face the greatest exposure, with current participation patterns allocating just 28 percent of the transferring value to women, Black and Latino owners. A functional transfer market could preserve up to 12 million jobs and protect $250 billion in local spending.