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What?!
That's not transferring wealth to a younger generation, it's transferring wealth to the boomers in exchange for businesses that are likely going to fail, plus some to lenders for the interest. Regardless of who buys it, they have to pay sky high interest, if they can't the bank gets it.
And at least in my city, it's mostly people who worked for the boomer, didn't understand the legal parts, and got hosed.
We just had a guy pay 1.5 million for a failing restaurant without having a lawyer look at it because the seller was a "mentor".
There was a stipulation in there that it was just for the name and lease. The boomer didn't even own the property, even though he had been telling people he owned it for over a decade.
Dude thought he was buying a restaurant and the property. The boomer sold all the equipment and moved to Florida.
Yeah. Real story here is yet another shell game is playing out in plainview of everyone. One that ensures generational wealth and poverty remain in place
A true mentor, teaching a very important lesson.