Across the East End, many of the shops, restaurants, and service providers we know and love are family-owned businesses that have been part of the community for decades. But with generational shifts, lifestyle changes, and a growing appetite for new opportunities, many of these longtime owners are beginning to consider what comes next.

Nationwide, nearly a quarter of small business owners purchased rather than founded their businesses, and that number is expected to grow—especially in regions like the Hamptons and North Fork where real estate and lifestyle appeal make ownership even more attractive. However, the transition from one generation to the next isn’t just about handing over the keys. It requires strategic planning, operational updates, and a vision for long-term growth.

Experts recommend that prospective buyers—many of whom are looking for their first venture—bring fresh ideas to the table. Updating technology, streamlining operations, investing in talent, and finding new revenue channels are just a few of the ways next-gen owners can evolve legacy businesses for modern needs.

The stakes are especially high on the East End, where small businesses are not only vital to the character of the region, but also to its workforce. Local shops and services depend on steady employees and stable leadership. As older generations step away, there’s an opportunity for new owners to carry the torch while investing in the future of the community.

For those considering selling, the timing may be ideal. Valuations remain strong, and the transition to new ownership could ensure that beloved businesses continue to thrive for years to come.

🔗 https://libn.com/2022/12/01/next-gen-ownership/

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