Silver tsunami

and their initiative to support small businesses.

And Jamie Dimon is saying that exactly what we've been saying for years, the silver tsunami is real, right? There is, they say, $12 million, $10 trillion worth of small businesses that need to transition in the next decade.

So a lot.

But of those, only 70% are in succession planning at all.

Yeah.

And his argument, and I think it's a very good one, and it's frankly an extension of the argument that we've been making, and I believe it is true, is that it is a societal moral imperative that we find a solution for this and we solve it because...

The boo birds out there will say the silver tsunami is not real because these businesses are not transferable.

Many of them are not transferable, right? Right.

Yeah.

And so, but we're having these conversations and I'm hearing and I'm seeing this, and this will probably stoke your fire a little bit, is that there's this, the silver tsunami.

What does that mean? And this guy had to explain it to me.

Basically, these boomers, these baby boomers created these businesses and they're reaching these ages of 70, 80 years old.

Smart.

You know, I've heard it called the silver tsunami come in our direction where the boomers are in a spot of wanting to released their business, which I would think creates an opportunity for a lot of businesses to be acquired, people who acquire businesses, buyers to be out there looking and hunting because they know, kind of like when real estate took a dip in 2006, 2007, retail took a dip in eight and nine.

I think that we're in a spot now where there's a real opportunity for people who are ready and primed to buy to buy.

But I think that what you've created is so beautiful because in my mind, You're the meat in the middle, right? You're the, hey, let's keep it fair.

They'll come back.

What are they doing? They're looking in the rear view mirror, right? They're saying, how is this business done? How did it do last year? How did it do the year before that? Hey, it's done great the year before last, and this year it's doing great, right? Right.

But where's it going? And where will it go once these kind of key people are in it, if they're removed from that process? What could assure that it will continue to go in the direction it's going in? Or are there chinks already starting to be seen that have to be fixed with better systemization or better solutions? So to your point around the silver tsunami, the other solution frequently is that transfer that we talk about from a traditional point of view of thinking, hey, the only buyer is necessarily...

The person who's outside the business, frequently it's the person or people inside the business that also can be the better buyer, right? Sometimes it's the better solution.

A so-called silver tsunami is coming for the American population.

By 2030, every single baby boomer will be over the age of 65.

Yet at the same time, there is a massive shortage in workers who can help care for this population.

Yeah

...

the silver tsunami, what it is and why it matters?

Totally.

Yeah.

So Seth and I have some thoughts.

We're going to talk about the so-called silver tsunami and what it means for travel companies.

And we are also going to give you a little bit of a preview into what Seth and I are looking forward to from Skift Global Forum, which takes place in New York City next week, September 22nd through the 24th, be there or be square.

So Seth, this $100 billion, what do you make of it?

You know what I make of $100 billion? It's a lot of money.

Um, no, I think this was, so, um, this was a new trend lifecycle report that we put out on retirees and people who travel in retirement.

And, um, yeah, we call it the silver tsunami.

Lindsay Roshke, who's our, um, who was our senior research analyst, who is an excellent, uh, analyst did this piece and she started looking at millennial and Gen Z and And we've now moved on to include Gen X and boomers and have started looking at retirement travel.

They specialize in move-up buyers and sellers, relocation, downsizing, and first-time home buyers, and...

The Silver Tsunami, which we've heard about.

I can't wait

to hear about it.

Annex Wealth Management Show on WTMJ.

Know the difference with Annex Wealth Management? The United States is on the brink of a demographic shift known as the Silver Tsunami.

You might have seen this in the news.

And as millions of baby boomers approach retirement age, this wave is going to have implications for the economy, health care, housing, just about everything, the workforce.

Hi, Keith.

Joe, great to be here.

Let's talk about the silver tsunami.

It's kind of a buzz term, I guess, in the news.

Yeah, that is actually the worst day of your life.

Today, we're looking at why Canada's silver tsunami isn't just this massive transfer of wealth.

No, it's really a hidden mental health emergency.

It really is.

We really want to understand how rethinking our approach to exit planning can quite literally save lives.

So to fully grasp the psychological toll here, I feel like we first have to establish the macroeconomic reality.

Can you set the stage for just how big this silver tsunami actually is?

Yeah, I mean, we are looking at a fundamental rewiring of Canada's small and medium-sized enterprise sector.

And the other question I've gotten lately is, Is this solving the succession problem? You know, you've got so many CPAs that are at that age where they're wanting to retire.

And I've heard it called the silver tsunami.

will this solve the silver tsunami? And in some ways it will, because as you have these firms acquired, you have less firms.

And so you have fewer leaders needed to lead them.

But I think we've still got a long way to go.

And there's some data that's really interesting that I want you guys to see.

Give me your thoughts on it, on whether or not this silver tsunami as it approaches, and we'll get into it.

Are boomers the potential catalyst here? Obviously, interest rates, if they don't get any...

cheaper and more affordable, coupled with this data set that I'm going to show you guys here in a little bit, could they actually crack the housing market? Something interesting to take a look at that.

New home sales just suffered a double-digit monthly drop.

But a much bigger demographic wave is about to... really impact the housing market.

And that's obviously the silver tsunami that we've been hearing for quite some time.

It's approaching.