As millions of baby boomer business owners approach retirement over the next decade, the country faces the largest wave of small-business ownership transitions in modern history. Millions of firms employing tens of millions of workers will either shut down or change hands, with direct consequences for jobs, wealth creation, and economic mobility in communities across the United States. The outcomes of this “Great Ownership Transfer” are not inevitable. Whether businesses survive or disappear depends on the existence of a functioning market to transfer ownership at scale. This moment is not merely a generational milestone—it is a structural test of the nation’s capacity to preserve local employment, sustain productive businesses, and support economic mobility. How this transition is managed will determine both the business landscape and the future of economic mobility for workers, aspiring business owners, and entire communities.…