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.PAYCHECKS KEEP RISING FOR AMERICAN WORKERS, PROVIDING BOOST TO HOUSEHOLD BUDGETS”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
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My Miami restaurant is expanding thanks to Trump tax cuts
by Successful IBO • • 0 Comments
As a restaurant owner, I enjoy sharing the rich flavors of my Cuban heritage with customers every day. Whether that’s making the world’s largest croqueta or serving the “hippest sip” of coffee in Miami, my small business is working overtime to compete in the quick-paced hospitality industry that is characterized by long hours and tight budget margins.But thanks to the recent passage of the One Big Beautiful Bill Act, independent restaurants are poised to thrive – benefiting employees, customers and the community alike. For Sergio’s Restaurants, my family small business, that means moving ahead with plans to open two new restaurant locations and hire approximately 100 new team members over the next year.How? The new federal law restores 100% immediate expensing for capital equipment, which allows us to fully deduct the cost of appliances like ovens and refrigerators the year we buy it. The policy incentivizes small businesses to invest in operational expansion now, rather than waiting and kicking the can down the road.Additionally, the law also makes the 20% small business deduction that was set to expire permanent and locks in lower tax rates for pass-through enterprises. (These are entities in which business revenue is taxed as the owner’s personal income.) TRUMP’S ‘BIG, BEAUTIFUL BILL’ AND ITS PERMANENT TAX CUT WILL CHANGE THE WORLDThe changes give restaurants like ours the long-term tax certainty we need to grow confidently and create jobs, as well as provide existing staff room for career development.But arguably the