The idea of a coming “Silver Tsunami” has taken hold across entrepreneurship and investing circles. The narrative is simple and compelling. Millions of Baby Boomer-owned businesses are nearing transition, creating an unprecedented wave of acquisition opportunities for buyers. The demographics are real. The conclusion is not. What is being misread is not the scale of Boomer ownership, but the assumption that ownership concentration automatically translates into market liquidity. It does not. The result is a distorted understanding of both the Silver Tsunami and Entrepreneurship Through Acquisition. The Demographic Reality Is Not in Dispute Baby Boomers control a significant share of

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