Family businesses are the backbone of the U.S. economy. In fact, 90% of American businesses are family-owned or controlled. Parents often think their children will want to inherit both the assets of a business and the management, but familial duty doesn’t drive younger people today as much as it did their grandparents. Younger generations are more focused on finding work that is personally fulfilling rather than simply seeking reliable income.
As we’re acquiring flea markets, we find that the operators are often second, third and even fourth generation owners. In many cases, their children don’t want to take over the business and so they’re left wondering what to do and when to begin looking to sell. Because flea markets are often sitting on valuable pieces of real estate, the question becomes, do they sell to a developer or to someone that will carry on the family legacy and continue to run the flea market? We want to do the latter, and work closely with the families that want to sell their flea market business to make sure that their legacy can continue through new ownership.
According to a report published by Citrin Cooperman succession statistics show that only a few percent of all family businesses make it through more than one generation. If your family members don’t want to take on the roles and responsibilities of operating a flea market, it might be time to shift into selling mode.