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Baby Boomers Ready to Sell Businesses to the Next Generation

By in In The News

nyt1by Stacy Cowley – August 19, 2015

Dan Bizzarro and Bill Jordan were still in college when they went to work at the Bimac Corporation, a castings manufacturer in Dayton, Ohio. After graduation, they joined full time as manufacturing and engineering executives. And eventually they teamed with a third employee to buy the business. They had a good ride. The company, with 40 employees, has annual sales of about $5.5 million. But as the two men entered their 60s, after nearly three decades as owners, they began to wonder how long the arrangement could endure…. Brokers say they expect the wave of baby boomer sales to crest over the next few years. Steven D. Zimmerman, the owner of Restaurant Realty in San Rafael, Calif., said that even those who were reluctant to sell were keeping an eye on the economic trends — and on their own physical limits.

“Some of the baby boomers we deal with have no choice,” he said. “The business is just so demanding that they can’t do it anymore.” For those who decide to put their business on the market, the pool of potential buyers is the largest it has been in years, brokers say….

A version of this article appears in print on August 20, 2015, on page B1 of the New York edition with the headline: A Generation Cashes Out.

The full article can be viewed on the New York Times Website.

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About The Author
Steven Zimmerman, CBI, M&AMI, CBB, FIBBA

Steve is the Founder, Principal Broker and Chief Executive Officer of Restaurant Realty Company. Steve has personally sold/leased over 1,000 restaurant, bar and/or nightclub businesses and many related commercial buildings totaling 2+ million square feet of commercial space, collaborated with over 2,000 clients and completed over 3,000 valuations since 1996.His real estate experience also includes sales, acquisitions, management and ownership of numerous properties throughout California including restaurants, hotels, apartment buildings, single family houses, an office building and a multi-use retail building. Steve is also the author of Restaurant Dealmaker – An Insider’s Trade Secrets for Buying a Restaurant, Bar or Club available on Amazon. Prior to starting Restaurant Realty Company Steve had over 20 years of restaurant experience and was President and Chief Executive officer of Zim’s Restaurants, which was one of the largest privately owned restaurant chains in the San Francisco Bay Area. READ FULL BIO | HIRE EXPERT WITNESS - LEARN MORE