The next generation of business owners is likely to be younger than you might think. According to the largest study of prospect franchise buyers to date, more than half of those interested in buying a business are under the age of 50.
- Baby Boomers and older are still a force to be reckoned with, and 34% of franchise prospects are age 52 to 71.
- Generation X, from ages 37 to 51, led the pack with 40% of the inquiries to buy a business.
- And Millenials, ages 22 to 36, comprised 13% of the inquiries.
Obviously, the business ownership goals are probably different for most prospects in each generation. So savvy franchise development teams will do well to know how well they match the common goals for each generation of potential owners.
Data for this analysis is based on franchise inquiries provided to over 1,524 franchisors in the United States and Canada for 12 months ending in August 2018. Franchise leads and analysis were provided by the Franchise Ventures network of Internet portals, including Franchise.com, FranchiseGator.com, FranchiseOpportunities.com, FranchiseForSale.com, FranchiseSolutions.com, BusinessBroker.net and the corresponding iOS and Android mobile apps for these sites.