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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Small business owners remain 'cautiously optimistic' heading into 2026 amid rising costs, labor challenges
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Many small business owners are betting on growth in the year ahead, even as inflation, labor shortages and economic uncertainty continue to pressure operations, a new survey finds.About 80% of small business owners say they are confident in their outlook, and about 79% expect revenue growth in 2026, according to Comerica Bank’s Small Business Pulse Index released Dec. 9.Those expecting growth project an average revenue increase of 7.9%.”It is evident that challenges are still weighing heavily on them, but they remain cautiously optimistic about what’s ahead in 2026,” Larry Franco, executive vice president and national director of retail and small business banking at Comerica Bank, told FOX Business.HOUSE REPUBLICANS MOVE TO REPEAL PROPOSED BIDEN-ERA HEAT-SAFETY RULE, CITING BURDENS ON SMALL BUSINESSESTo offset rising costs, small businesses are increasingly turning to technology, including artificial intelligence (AI), to boost efficiency and manage costs, according to Franco.”We are seeing smaller businesses leverage productivity tools and are likely to outperform peers who don’t,” he said.However, hiring remains more mixed. Labor shortages and rising expenses are making some business owners “hesitant” to expand their workforce, Franco said.THIS FAST-GROWING CHAIN SAYS ‘NO DISCOUNTS’ – AND IT’S PAYING OFF”As a result, I believe job growth among small