35 Million Strong: Celebrating Small Businesses & Lasting Legacies

By: LaToya Bines

“This article was written with the assistance of ChatGPT and Perplexity.ai, AI-powered content and research tools.”

May 9, 2025

The is an estimated 35 million small businesses within the United States, and during the month of May we celebrate them all. It all started in 1963, when President John F. Kennedy designated a week to honor the heartbeat of the economy – small businesses.  At that time there were only 4.6 million small businesses in the United States. More than 60 years later, tens of millions of additional small businesses have been established across the nation.

Everyone from mom-and-pop shops to e-commerce businesses are celebrated during the month of May for their invaluable contributions to local economies and their impact on the lives of those who live and work in those communities. Small businesses represent nearly half of the private workforce and employ roughly 59 million people. No wonder the national recognition and celebration couldn’t be contained to just one week.

The most celebrated holiday is also recognized in the month of May – Mother’s Day! Did you know that 44% of U.S. based small businesses are owned by women and of those 39% are moms? These women are affectionately referred to as mompreneurs, a combination of the words mom and entrepreneur.  Many start businesses that provide social assistance services addressing the needs of women and children.  Mompreneurs also dominate the healthcare industries specifically home care and home healthcare agencies where they tend to help the aging population.  

As healthcare providers, navigating the intricate parts of Medicare and Medicaid for funding purposes is a routine part of operations. However, for the largest group of business owners, Generation X (Gen X), it also highlights the importance of planning for retirement, succession, and the long-term sustainability of their businesses.

While the birth years of Gen X are sometimes debated, the most widely accepted definition includes those born between 1965 and 1980. Interestingly, although older Gen Xers have not yet reached senior citizen status, thoughts of legacy, security, and future planning are increasingly on their minds — perhaps one reason this generation now makes up 48% of small business owners in the United States.

Both Older Americans Month and National Small Business Month are celebrated in May, but their significance expands far beyond a single month of recognition. The legacy of small business ownership is both an honor and a responsibility — one that deepens as we age and begin considering how to safeguard and eventually transfer what we’ve built to the next generation. When President Kennedy, with the help of the National Council of Senior Citizens, established Senior Citizens Month in 1963, one-third of older Americans lived in poverty with few supportive programs. Today, while roughly 8 million seniors live in poverty, they now have way more resources and services available to help meet their needs.

As we reflect on the progress made since the 1960s, it’s clear that both small business owners and older Americans have navigated evolving challenges and opportunities over the decades. Today, the intersection of these two groups is especially meaningful, as many Gen X entrepreneurs find themselves at a pivotal stage in life. Business sustainability, personal well-being, and legacy planning are no longer distant considerations but immediate priorities. This generation carries the unique responsibility of advancing their businesses while preparing for the realities of aging — both for themselves and for the clients and communities they serve. Recognizing this connection highlights the critical importance of proactive, strategic planning.

Managing a business as you age requires more than determination; it demands intentional strategy, operational systems, and compliance safeguards to protect what you’ve built. That’s where thoughtful, tailored business solutions make a difference. Whether you’re looking to streamline daily operations, modernize compliance practices, integrate automated systems, or develop a succession plan, our services are crafted with experienced business owners like you in mind.

This May, as we honor National Small Business Month, take a moment to reflect on your entrepreneurial journey and the future you’re creating. Don’t wait for a moment of crisis to start shaping your next chapter. Prioritize your business, your legacy, and your peace of mind today. Connect with Elevated Standards to discover practical strategies and customized services designed to help you manage your business with clarity and confidence.