‘Silver tsunami’ of retiring owners threatens US small businesses: expert
The ‘Big Money Show’ panel discusses the growth of business and the role of AI.
The coming “silver tsunami” of retiring young business owners could dramatically reshape America’s small business landscape.
Nearly half of US small business owners are 55 or older, yet only 54% have a succession plan in place — setting the stage for a shock that could leave many companies vulnerable over the next decade, according to Forbes.
The stakes are high. Small businesses employ more than 62 million Americans and account for 43% of US GDP, according to the US Small Business Administration.
If a large portion of those businesses close instead of transitioning to new leadership, communities across the country could feel the effects, American Operator founder William Fry told FOX Business.
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A “silver tsunami” of retiring small business owners could dramatically change the landscape of America’s small businesses. (Stock)
“They’re great wealth creators, and in my opinion, they’re the purest version of the American Dream — you come to this country, and you can build a better life for yourself,” Fry told FOX Business.
Many owners have spent decades building their businesses through relationships and reputations, making deeply personal succession decisions.
After 12 years of growing a painting company in Jackson, Wyoming, husband and wife team Erik and Kassie Hansen began to consider their next chapter at Greenway Painting – whether to sell the business or leave altogether.
By 2024, 90% of the company’s revenue came from wholesale customers, and 85% came from repeat customers, proving the loyalty it had cultivated.
“All of our customers are very important,” Erik Hansen told FOX Business. “Especially in a small town, they’re like friends or family when you work with them for years and years. You want to make sure they’re well taken care of. That’s important.”
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Erik and Kassie Hansen stand together in Jackson, Wyo. A husband and wife team owns Greenway Painting. (American Operator)
Companies like American Operator aim to bridge the succession gap by matching retiring owners with employees ready to take over.
In Greenway’s case, that operator was Anthony Douglas, a former US Air Force commander who founded and scaled his painting company in Tucson, Arizona.
“One of the reasons I was attracted to Greenway Painting was that it was a relationship business,” Douglas told FOX Business. “Greenway has been successful without any advertising or marketing.”
In October 2025, Douglas became CEO and equity partner for one day, acquiring a 10% stake in a systematic approach to majority ownership over time.
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Anthony Douglas sits in a car in Jackson, Wyo. Douglas said he was drawn to Greenway Painting’s relationship-driven model and strong reputation. (American Operator)
He moved to Jackson from Tucson to lead the company, focusing on maintaining customer trust while gradually putting his stamp on operations.
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For companies like American Operator, the coming wave of retirements also represents an opportunity to preserve the local businesses that form the backbone of America’s economy.
“To open up this opportunity to all who answer the call of ownership, and allow everyday Americans to share the top, we are working to build America’s small businesses,” its website says. “Our mission is a public offering that allows millions of Americans to share in the American Dream.”
