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Key Takeaways
- Millennials are shifting toward new paths in business ownership, exploring opportunities that offer independence and leadership.
- This trend highlights a growing interest in sustainable, hands-on entrepreneurship that balances risk and long-term potential.
Millennials are rewriting the rules of business ownership. After losing a sense of control during the pandemic, many are seeking independence by buying existing businesses — a trend known as Entrepreneurship Through Acquisition (ETA). Instead of starting from scratch, these entrepreneurs are stepping into established companies and taking the reins, though this path requires a clear-eyed view of what ownership really entails.
Related: Should Millennial Entrepreneurs Start a Business or Just Buy a Business?
The rise of the “new old” ETA
ETAs aren’t new, but millennials are embracing them in growing numbers. According to business research, 16% of small business owners in 2024 were between 25 and 44 years old, up from 13% in 2023.
As offices reopened after the pandemic, millennials and other professionals realized they wanted to chart their own course. Yet the economic upheavals of the past decade left many risk-averse. Buying an existing business offered a safer path to entrepreneurship — one that still lets them call the shots.
An ETA is fundamentally a business purchase, but it differs in two key ways:
- Active leadership – Unlike traditional investors who may buy a business purely for financial returns, ETA buyers want to be in charge. They are entrepreneurs in the truest sense, seeking stability and independence rather than employment security.
- Resilient businesses – ETAs often target smaller companies with lower capital requirements that are resistant to recessions and automation. Think childcare, plumbing, HVAC or electrical services — industries that remain in demand even in tough times.
This trend also reflects a broader shift away from traditional startup culture and venture capital. After years of stories about founders chasing VC dollars while taking outsized personal risks, many entrepreneurs are opting for the more grounded path of buying a business backed by tangible assets and predictable cash flow. Banks and the Small Business Administration are often more willing to finance these acquisitions than riskier startups, making ETAs a practical route for new owners.
Resetting expectations
Buying a business isn’t a shortcut, and there are common misconceptions that can derail ETA deals:
- Headlines often suggest that retiring baby boomers are flooding the market with businesses for eager buyers. In reality, it’s a seller’s market. Some businesses attract hundreds of prospective buyers. While boomers still own about 30% of small businesses in 2025, competition is fierce.
- Some buyers hope to acquire a business with no personal investment. That rarely works. Like buying a house, lenders want to see “skin in the game.” Partial financing is common, but credibility and commitment require some personal capital.
Related: How the Next Generation of Entrepreneurs Is Outpacing Us — and Why
Strategies for ETA success
Both buyers and sellers benefit from professional advisors. Beyond analyzing financials, advisors can help navigate the emotional and operational realities of business ownership.
Owning a business is hard work, especially in the first two years. You won’t have the freedom to take extended trips or relocate on a whim. But if you commit to this intensive early period, the payoff is real: by year three, you can start shaping a business — and a lifestyle — that works for you.
ETAs aren’t a guaranteed path to instant wealth, but for millennials seeking control, independence, and meaningful work, buying a business offers a grounded, achievable way to build the life — and legacy — they want.
Key Takeaways
- Millennials are shifting toward new paths in business ownership, exploring opportunities that offer independence and leadership.
- This trend highlights a growing interest in sustainable, hands-on entrepreneurship that balances risk and long-term potential.
Millennials are rewriting the rules of business ownership. After losing a sense of control during the pandemic, many are seeking independence by buying existing businesses — a trend known as Entrepreneurship Through Acquisition (ETA). Instead of starting from scratch, these entrepreneurs are stepping into established companies and taking the reins, though this path requires a clear-eyed view of what ownership really entails.
Related: Should Millennial Entrepreneurs Start a Business or Just Buy a Business?
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Jessica Fialkovich