304. The coming wave of business transfers

304. The coming wave of business transfers

From Inside the Strategy Room by McKinsey & Company

May 22, 2026 · 54 min

About this episode

The episode discusses the impending wave of business transfers as baby boomer owners retire, exploring its implications for various stakeholders.

As millions of baby boomer business owners in the United States approach retirement, the country faces a major transition in business ownership. Over the next decade, millions of small and midsize businesses could be sold, transferred, or closed, with major implications for local economies, jobs, family wealth, and economic mobility. In this episode, we hear from partner Ken Yearwood and associate partner Nick Noel about the wave of business transfers on the horizon, the scale of the opportunity, and the risks of avoidable closures. They discuss what this transition could mean for buyers, sellers, private capital, employees, and rural communities, and explore how a broader and more inclusive ownership ecosystem could unlock long-term value. Related insights The Great Ownership Transfer: A new era of business stewardship McKinsey Institute for Economic Mobility Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

People in this episode

Host: McKinsey & Company

Guests: Ken Yearwood, Nick Noel

Topics covered

  • business ownership transition
  • baby boomer retirement
  • economic mobility
  • business transfers
  • local economies
  • inclusive ownership

Keywords

  • business transfers
  • baby boomers
  • economic mobility
  • ownership transition
  • local economies
  • small businesses

Mentioned in this episode

Organizations: McKinsey & Company

Places: United States

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