Old Business, New Profits

How do you modernize an older business without sacrificing what made it unique?

- LULU SYLBERT

In the U.S., Baby Boomers own nearly 3 million businesses-many of them local and beloved. Over the next decade, 60% of those owners say they plan to retire.

That's a big opportunity for anyone looking to buy a business. But many of these mom-and-pops must be modernized, without sacrificing their old-school charm.

What does this look like? Consider this little ice cream shop in Goshen, Indiana, called The Chief.

The Chief was founded in 1962 by a local high-school coach and his wife. It's a diminutive roadside shop with a devoted following. In 2018, the owners were ready to retire-and a local couple, Tracy and Chad Klopfenstein, bought the place. "The ice cream was delicious," Tracy says, "but the cash was loose on shelves and coins were in a muffin tin!" The couple started making key updates, and the business grew. The Chief now has a second location, a catering business, and a national profile (including being on Entrepreneur's "America's Favorite Mom & Pop Shops" list last year).

Here's the scoop on their success strategy.

1/ Preserve what's 'special!'