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A looming “silver tsunami” of retiring baby boomer owners could dramatically reshape America’s small business landscape.
Nearly half of U.S. small business owners are 55 or older, but only 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 to Forbes.
The stakes are high. Small businesses employ more than 62 million Americans and are responsible for roughly 43% of U.S. GDP American Small Business Administration.
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A “silver tsunami” of retiring baby boomer owners could dramatically reshape America’s small business landscape. (iStock / iStock)
Many owners have spent decades building their businesses based on relationships and reputation, making succession decisions deeply personal.
After twelve years of building a painting business in Jackson, Wyoming, husband and wife team Erik and Kassie Hansen began considering their next chapter at Greenway Painting: whether to sell the business or close it down altogether.
By 2024, 90% of the company’s revenue came from commercial customers and 85% from repeat customers, a testament to the loyalty they had built.
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Erik and Kassie Hansen live together in Jackson, Wyo. The husband-and-wife team owns Greenway Painting. (US operator)
Companies like American Operator want to bridge the succession gap by pairing retired owners with operators ready to take the reins.
In Greenway’s case, that operator was Anthony Douglas, a former U.S. Air Force combat controller who had previously founded and expanded his own painting business in Tucson, Arizona.
In October 2025, Douglas became CEO and a day-one equity partner, acquiring a 10% stake with a structured path to majority ownership over time.
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Anthony Douglas sits in a car in Jackson, Wyo. Douglas said he was attracted to Greenway Painting’s relationship-driven model and strong reputation. (US operator)
He moved from Tucson to Jackson to lead the company, focusing on maintaining customer trust while gradually putting his own stamp on the operations.
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For companies like American Operator, the coming wave of retirements also represents an opportunity to preserve local businesses that are the backbone of the U.S. economy.
“To open this opportunity to all who answer the call for ownership, and to help everyday Americans share in the upside, we are working to build America’s small business equity,” the website says. “Our goal is a public offering that allows millions of Americans to have a share in the American Dream.”
