Whether you are thinking of moving to Florida or you already live here, we are seeing a significant trend in the way people are thinking about their retirement. With all of the Baby Boomers moving to Florida and enjoying the great weather and a more relaxed lifestyle there are great opportunities to meet their needs for all of the goods and services they require. Just about every type of business that caters to this population and to the newly revived real estate market is currently experiencing a re-birth along with healthy growth. What is surprising is the number of people who are taking advantage of this market by buying service businesses. Here are a few of the groups that seem to make up a large part of this trend:
First there are Florida residents who are leaving the jobs they currently have and selling the businesses that they now own to buy businesses that cater to this trend in the areas where the growth is strongest, such as Broward and Palm Beach Counties. They are buying just about any type of business that fits the growing needs of this population. They repeatedly tell us that they see this trend continuing for years and that is where they want to be. We think they are exactly correct in positioning themselves this way for the foreseeable future.
The next group that we hear a lot from is people from across the country who have been planning to retire to Florida and have been telling us two different stories. Many see the strong growth in our area as an opportunity to speed up their move to Florida where they see a stronger business climate than where they presently live. Others are representative of the 'New Norm' and are now changing their retirement plans to include a new business venture to supplement the income that has been diminished by the value of their real estate holdings and other assorted 'victims' of the changing economy. It is interesting to note that we have seen some people collaborate with friends and relatives to collectively buy a business that they can each work in part time. This may be an interesting trend in itself to watch as it does seem to make a lot of sense for a growing number of people.
Buying a business in Florida is a particularly good idea for a large number of those who want to retire however they are not able to live reasonably on their social security and their savings. Many had planned on a certain return from dividends or interest from their savings and now find these returns almost negligible. In order to supplement their income many are finding that taking their years of experience and putting it to work by buying a business is the most viable option. We see this more and more and I am sure that this trend will continue at least for the foreseeable future. The dream of retirement has been dashed for many Boomers and they have accepted the 'New Norm' and are adjusting accordingly.
The business brokerage business in Florida is very strong right now and it is interesting to note how many people we speak with who just are tired of their present job or business and just want to try something new that they believe they will enjoy more. We love working with this group because of their enthusiasm and their determination to improve their lives. After all, that is what it is all about.
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