People enjoy a stroll through Historic Annapolis Main Street in Annapolis, Maryland on April 29, 2021.
Marvin Joseph | The Washington Post | Getty Images
For Mitch Hughes, chief executive of Vizz, a construction management software firm he founded in 1996, the pandemic created ideal conditions for acquisitions.
Vizz, which runs a visualization platform that helps developers create realistic virtual models, didn’t have much presence on the manufacturing side. Manufacton, on the other hand, had software used for modular construction, compatible software, and a “dream team” of people. Yet, as a relatively small, young company, it didn’t have the traction to respond to the sudden increase in demand.
“Covid created a hurdle for them, but it created an opportunity for us,” Hughes said. Early this year, Vizz acquired Manufacton, keeping on all its employees.
While plenty of small businesses owned by baby boomers were hit hard by the pandemic, there is also a large cohort of boomer businesses that have used the pandemic, and record low interest rates, as an opportunity to expand.
According to a New York Fed and AARP study, older business owners age 45 and up entered the pandemic with more of a financial cushion than their younger counterparts. That cushion is more important than ever when the world turns upside down. According to a survey by BizBuySell, an online business for sale marketplace, 30% of buyers are baby boomers.