麦肯锡-大所有权转移：企业管理的新时代.pdfVIP

McKinseyInstituteforEconomicMobility

TheGreatOwnership

Transfer:Aneweraof

businessstewardship

byKenYearwoodandShelleyStewartIII

withNathanMarksandNickNoel

February2026

Asmillionsofbabyboomersretire,

theUnitedStatesisonthebrink

ofanunprecedentedwaveofsmall-

businessownershiptransitions—

posingchallengesforcommunities

butalsoopeningthedoorto

economicrenewal.

Contents

Ataglance  2

Thecomingwaveofownershiptransitions  5

Whowillbuy?  17

Theriskofturningopportunityintoloss  22

ConvertingtheGreatOwnershipTransferintofuel  28

OpportunitytorenewAmericanenterprise  32

TheGreatOwnershipTransfer:Aneweraofbusinessstewardship1

Ataglance

—Aonce-in-a-generationwaveofownershiptransitionsisimminent.By2035,aboutsixmillion

smallandmedium-sizebusinesses(SMBs)willfaceownershiptransitionsasbabyboomers

retire.Morethanonemillionfirmsareviablecandidatesforsale,representingupto$5trillionin

enterprisevalue.

—SMBsareacornerstoneoftheUSeconomy.Ninety-ninepercentofallcompaniesintheUnited

Statesaresmallbusinesses.Theyemploymorethan60millionworkers—nearlyhalfoftheUS

workforce—andgenerate35percentofbusinessrevenue.Failedtransitionscoulderasejobs

andlocallyrootedpathwaystoeconomicmobility.

—Ownershiptransitionriskisdistributedunevenlyacrossgeographies.Ruralareasarepartic