Boomer Business Succession Crisis

Shaan Puri and Sam Parr discuss a significant business opportunity around helping boomer-owned businesses navigate succession planning, particularly when children aren't interested in taking over. They propose a conference-based approach to address this widespread challenge.

• Family Legacy Summit Concept:

  • Target: Boomer-owned businesses doing $1M+ annually
  • Format: 2-day conference in Florida (Orlando or Fort Lauderdale)
  • Purpose: Education and networking for family businesses facing succession challenges

• Core Problem Being Addressed:

  • Parents want children to take over family businesses
  • Kids often uninterested or ambivalent
  • Parents need succession planning even if kids don't take over
  • Basic business knowledge transfer needed for emergencies

• Business Model Opportunities:

  • Conference ticket sales
  • Sponsor revenue potential to cover costs
  • Upsell services (estate planning, accounting)
  • Masterminds or education programs for next generation
  • Lead generation for business acquisitions
  • Private equity deal flow

• Market Size and Timing:

  • Massive wealth transfer approaching
  • Many trillion dollars in assets changing hands
  • Large number of boomer businesses seeking transition
  • Too small for big PE, too large to simply close

• Real World Examples:

  • Permanent Equity (Brent Bashore) successfully executing similar strategy
  • Enduring Ventures buying boomer businesses:
    • Pool construction companies
    • Local internet service providers
    • Grown from $2M to nearly $100M in business equity

• Personal Experience:

  • Sam shares family examples of succession challenges
  • Emotional difficulty of finding successors
  • Viable businesses potentially shutting down without succession plans

This represents a significant opportunity to build a powerful network while solving a genuine problem affecting many family-owned businesses.