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Industry Landscape
The business succession consulting industry is experiencing significant growth, driven by the aging demographic of business owners, particularly Baby Boomers, who are nearing retirement. This creates a high demand for specialized services to facilitate ownership transfers, leadership transitions, and value preservation. The industry is characterized by bespoke, high-value consulting engagements.
Total Assets Under Management (AUM)
Number of Business Owners Nearing Retirement in United States
~Approximately 4.5 million small business owners in the US are over 65 (Source: Guidant Financial, 2023 Small Business Trends Report)
(Not directly applicable as a growth rate for number of owners; rather it indicates a market opportunity. However, the consulting industry serving this demographic is growing at 5.5% (Source: IBISWorld, Management Consulting in the US, 2023). CAGR)
• Driven by aging demographics. • High demand for expertise. • Focus on value preservation.
Total Addressable Market
20 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Valuation & Analytics
AI and machine learning can rapidly analyze vast financial, market, and operational data to provide more accurate and dynamic business valuations and predictive analytics for succession scenarios.
Blockchain for Secure Asset Transfer
Distributed ledger technology can provide immutable, transparent, and secure records for ownership transfer, intellectual property, and contractual agreements, streamlining the legal aspects of succession.
Virtual Reality (VR) for Succession Training
VR can simulate complex business scenarios and leadership challenges, offering immersive training for successor candidates to prepare them for their new roles without real-world risk.
Impactful Policy Frameworks
SECURE Act 2.0 (2022)
The Setting Every Community Up for Retirement Enhancement Act of 2022 expanded on the original SECURE Act, aiming to improve retirement savings opportunities, which can impact how business owners plan for their post-succession financial future.
This policy influences retirement planning strategies for business owners, potentially altering their timeline and financial needs for business sale or transfer.
Corporate Transparency Act (CTA) (2021)
Effective January 1, 2024, the CTA requires most companies formed or registered to do business in the U.S. to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
This act adds a new layer of compliance for business owners and consultants, requiring disclosure of beneficial ownership during succession or ownership transfer.
State-Level Business Transfer Laws (Ongoing)
Various states are continually updating laws related to the transfer of business licenses, permits, and liabilities, particularly in industries like healthcare, manufacturing, or licensed professions.
These ongoing state-level regulatory changes necessitate meticulous due diligence and specialized legal guidance during business succession to ensure compliance and avoid penalties.
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