Salt Lake City small businesses face rising succession needs

A growing trend of business succession, often referred to as the ‘silver tsunami,’ is reshaping the small business landscape in Salt Lake City. As a significant portion of small business owners approach retirement, a strategy known as entrepreneurship through acquisition (ETA) is emerging to connect retiring owners with new buyers.

In Salt Lake City, 58% of small business owners intend to retire within the next decade, a rate 40% higher than the national average. Furthermore, 42% of local owners have already begun considering new ownership, compared to a national average of 28%. This shift is exemplified by the acquisition of Workshop SLC, where a new owner took over an established, profitable business rather than starting from scratch.

This movement is increasingly supported by search funds, where investors provide capital to individuals—often MBA graduates—to identify and acquire existing companies. In Utah, firms such as Peterson Partners are actively involved in this space, facilitating the transition from retiring baby boomers to a new generation of entrepreneurs.