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
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Small Business Saturday poised for powerful impact as SBA rallies Americans to shop local
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After many Americans go big for Thanksgiving and Black Friday, the Saturday that follows has become the moment to shop small.Observed annually during the first weekend after Thanksgiving, Small Business Saturday encourages consumers to redirect some of their holiday spending toward small businesses — the backbone of the U.S. economy.”With the economy rebounding from forty-year high inflation, there’s never been a better time to shop small in support of local businesses,” Small Business Administration (SBA) Administrator Kelly Loeffler said in a statement.Small businesses employ roughly half of the private-sector workforce and generate nearly half of U.S. GDP, Loeffler noted.WALMART SUPPORTS SMALL BUSINESSES, AMERICAN-MADE PRODUCTS THROUGH NEW ‘GROW WITH US’ INITIATIVE”When we as consumers take part in Small Business Saturday, we’re investing in the workers and job creators who power our own communities,” she said. “This Christmas Season, the SBA asks every American to join us in standing with Main Street to support the small businesses that make our nation strong.”Created by American Express and co-sponsored by the SBA, the shopping holiday is a critical revenue driver for the nation’s 36 million small businesses.Since its launch in 2010, Small Business Saturday has generated more than $220 billion for restaurants, independent retailers
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Century-old American Hat Company sees spike in demand as Western lifestyle becomes 'very popular'
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Business has reportedly been booming for American Hat Company – a Texas-based cowboy hat manufacturer – since the 2018 launch of the hit Western TV series “Yellowstone.”Founded in 1915 and headquartered in Bowie, Texas, the company specializes in handmade felt and straw cowboy hats offered in a range of trims, colors and shapes. Demand has soared so high that the business is now years out on orders, according to company president Keith Mundee.FRUIT TREE GIFTING COMPANY HAS HUMBLE ROOTS: ‘GRIT OF THE AMERICAN DREAM'”People were clamoring for something that was truly American or kind of going back to their roots,” Mundee told FOX Business. “… The Western lifestyle became very popular.”The company follows an approximately 18-step process to transform raw materials like straw and fur into even a basic cowboy hat, he said.AMERICAN-MADE CARS PERFECT FOR SUMMER ROAD TRIPSWhile the business does source some of its materials from locations outside the country, its hats are majority American-made. They “live up to the standard of style, quality and durability” that can be expected from a product made in the U.S., according to the company’s website.”It just doesn’t make sense to import any finished goods,” Mundee said. “… We will import raw
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My Miami restaurant is expanding thanks to Trump tax cuts
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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
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Wildfire shuts down Grand Canyon’s North Rim, strangling tourism in Arizona-Utah towns
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The Dragon Bravo Fire is now the largest wildfire burning in the United States and the biggest ever recorded in the Grand Canyon area, according to the National Interagency Fire Center.Since it sparked over Fourth of July weekend, the U.S. Forest Service said the fire has burned more than 143,000 acres, with containment hovering around 40%.It has destroyed more than 70 buildings and forced the indefinite closure of the North Rim of Grand Canyon National Park.SOUTHERN CALIFORNIA WILDFIRE VICTIMS ADJUST TO THEIR NEW NORMAL: ‘REALLY SOBERING’Business owners along the Arizona-Utah border say they are feeling the ripple effects of the fire – as many rely on steady summer tourist traffic, which has dried up.”The perception is that they’ve got to make other plans and go somewhere else,” said Dan Dillman, who owns the Historic Redstone Theater in Kanab, Utah. “And that’s gonna affect the things we have bought, whether that be candy and popcorn, you know that stuff doesn’t last forever.”Kanab is about two hours north of the Grand Canyon’s North Rim and typically serves as a jumping-off point for park visitors, but this summer is different.Dillman said his usually full Airbnb units above the theater are nearly empty.STATE FARM
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Small business owners in the Midwest seeing stress from consumers
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National Federation of Independent Businesses (NFIB) survey data shows small business owners are feeling more optimistic about the economy but increasingly concerned about inflation, which has consistently been cited as their top operating problem for over a year.FOX Business spoke with two Midwest small business owners Tuesday about their take on the economy, and both said that while their businesses are doing fine, many of their customers are not.Penny Olson, owner of Waukesha Antique Mall in Waukesha, Wisconsin, says her business is doing well overall, but she has noticed a slowdown in foot traffic and an increase in people selling their heirlooms.”I think that people are stressed out by politics and the economy, and this is kind of like their chocolate, you know,” Olson told FOX Business, “where they buy things for pleasure, to make them feel good.”INFLATION IS STILL A BIG CONCERN FOR SMALL BUSINESSES: CODIE SANCHEZWaukesha Antinque Mall has been in operation for 35 years, and Olson has owned the shop for the last 12. She said all of her business’s costs have gone up in recent years, from the electric bills to garbage pick-up to advertising, and that increase in expenses is “one thing that small businesses
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US Chamber names top 100 small businesses in America
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The United States Chamber of Commerce released its list of the top 100 small businesses in the country on Thursday, recognizing entrepreneurs from across the nation.The “CO–100,” as the list is known, is not ranked, and represents the finalists out of 14,000 applicants, which will be winnowed down to a top 10, and a single overall winner will be crowned next month.”Small businesses embody the resilience and ingenuity that define America’s free enterprise system, yet they often go unrecognized,” Vice President and Editor-in-Chief of CO Jeanette Mulvey told FOX Business in a statement. “As the world’s largest business organization and network representing companies of all sizes and industries, we understand what makes a business great.”EMPLOYER HEALTH CARE COSTS EXPECTED TO JUMP 9% IN US NEXT YEARThe CO–100 honorees for 2024 represent 31 states and Washington, D.C., and were measured for their company culture, ability to innovate and success in overcoming challenges. More than half of them – 64% – generated $1 million or more in revenue last year.This year’s list, as always, spans across several industries, too, from microbreweries like Holidaily Brewing Company in Golden, Colorado, to aerospace suppliers such as 2Lyons Aerospace in Fort Lauderdale, Florida. There are also health
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What is a tax write-off? How the deductions impact businesses taxable income
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Starting and running a small business is expensive. There are many different costs that go into operating a business, but many can be tax write-offs. For an expense to be deductible, the cost must be both “ordinary and necessary,” according to the Internal Revenue Service (IRS). An ordinary expense is defined by the IRS as “one that is common and accepted in your industry,” and a necessary expense “is one that is helpful and appropriate for your trade or business.” SURGE IN US SMALL BUSINESSES STARTED AS SIDE HUSTLESWhen it comes to filing taxes as a business owner, it is extremely helpful to work with a tax professional who can help you navigate tax deductions. Below is more information about tax write-offs and common examples of business expenses that could be deductible. “A deduction is an amount you subtract from your income when you file so you don’t have to pay tax on it,” according to the IRS. Expenses can be deducted that are for your business, not ones that are for personal benefit, according to Investopedia. You can further look into what tax deductions you may be eligible for by using the IRS Tax Guide for Small Business. ONE-THIRD OF SMALL BUSINESS OWNERS WORRIED THEIR COMPANY WON’T
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Arizona small businesses owners struggle to make ends meet, voting for economic relief this election
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Some Arizona small business owners are saying economic relief will be a big part of their vote this year, and it could make or break votes in one of the key battleground states.Small businesses play a major role in Arizona’s economy, employing more than 40% of people in the state, according to the Small Business Administration.Chad Heinrich, the State Director for the National Federation of Independent Business(NFIB) – Arizona, said one of the biggest clouds of uncertainty for small business owners this election cycle revolves around the 2017 Tax Cuts and Jobs Act. It was put in place by former president Donald Trump and expires at the end of 2025.WHAT IS A TAX WRITE-OFF? HOW THE DEDUCTIONS IMPACT BUSINESSES TAXABLE INCOME”Not only are small businesses facing a significant tax increase if Congress lets this expire. But Arizona’s economic growth really hinges on Congress acting and making the 20 percent small business deduction permanent,” Heinrich said.More than 500 business groups across the United States are calling on congress and the next administration to keep former president Trump’s tax cuts in place.START YOUR OWN BUSINESS: HOW TO MAKE YOUR SIDE HUSTLE DREAM A REALITYBoth candidates, Trump and Harris have said they plan