The end of 2023 is fast-approaching, which means that it’s time for everyone to set their New Year’s resolutions and plan for success in 2024. Seasoned professionals with over a decade of experience and a desire for more freedom are encouraged to set their sights on acquiring a thriving small business from a retiring entrepreneur in 2024. This resolution can inspire future success, encouraging entrepreneurs to tap into the wealth of opportunities available in the evolving world of small business mergers and acquisitions.
Success rates in SMB M&A far outshine those of traditional startups, making the decision to acquire an existing business a lower-risk endeavor. The current demographic landscape further enhances the appeal, with over 15 million baby boomer-owned businesses poised for a change in ownership over the next decade.
Acquiring an existing business offers inherent advantages. With established goodwill, operational efficiency, an existing customer base, and a financial track record, the risks typically associated with entrepreneurship are partially mitigated. In certain cases, strategic financing options add an extra layer of flexibility, allowing the industry to flourish even in the face of challenges like high interest rates and economic downturns.
Josh Levine, Co-Founder & CEO of Private Market Labs (PML), spearheads an innovative approach to facilitating the SMB M&A market. His unique background in public policy and entrepreneurship fuels PML’s commitment to making the small business M&A market more efficient. Leveraging technology, PML operates at the intersection of finance, organizational analysis, and public policy, working directly with stakeholders across the ecosystem.
PML addresses a critical need in the market, focusing on the unprecedented convergence of two major trends: the mass retirement of business owners and advancements in technology. The platform, powered by AI, connects retiring business owners with a new generation of entrepreneurs.
Unlike other platforms, Private Market Labs employs advanced AI algorithms to organize broker-represented small business data and connect it with buyers based on their precise acquisition criteria. The groundbreaking approach ensures a more efficient and precise matchmaking process, addressing the inefficiencies prevalent in the traditional SMB M&A sector.
Levine’s public policy background and game-theoretic approach set him apart in an industry dominated by MBA graduates. His unique perspective views challenges as opportunities for optimization, using technology and theory to grow access, transparency, and opportunity in the industry. Levine advocates for thoughtfully acting on instincts to achieve self-actualization. These calculated risks, while not always successful, have been essential for both personal and professional growth.
Heading into the future, Private Market Labs envisions becoming a leading force in the SMB M&A arena, characterized by innovation, societal impact, and a commitment to inclusivity. PML aims to democratize access to business ownership by broadening access for more diverse entrepreneurs and investors, contributing significantly to the broader business space.
As 2024 unfolds, the resolution to acquire a small business is a strategy that aligns professionals with the dynamic shifts in the SMB M&A sector. Private Market Labs looks to champion this strategy, unlocking success for the next generation of business owners.
