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SAN FRANCISCO — Each generation brings new convenience store shoppers, and it also brings new convenience store owners.
According to BizBuySell, age, ethnicity, gender and other personal identifies are changing. In a survey of more than 3,000 current small business owners and perspective buyers, the company found that while small business owners who are getting ready to sell their businesses are still mostly white men over 50 years old (Baby Boomers), the next generation of owners are an increasingly young, more diverse group.
In addition, roughly 49 percent of 18 to 29 year-old millennial buyers identify as a minority, compared to just 19 percent of buyers 50 or older, the BizBuySell survey noted.
Looking at the convenience channel, the survey found African Americans and Asian/Pacific Islanders are particularly interested in buying a convenience store.
Overall, owning a small business runs in the family. Fifty-five percent of sellers have a parent or grandparent who owned a small business. In addition, the survey found that 63 percent of all buyers cited being their own boss motivation to buy a small business.
However, the ownership pool lacks in gender diversity. Just 22 percent of current business owners and potential business buyers are women.
To read the full whitepaper, click here.