The people I am thinking of are those professionals; doctors, lawyers, veterinarians and others who typically can retire young.
Many of these people may sell their practice and use some of their money to try to start another career or small business.
These are motivated people that are driven to do something but have grown tired of their profession and want to accomplish something new.
But starting a new business in a high tax and highly regulated state like Illinois would eat up much of the seed money for this new business.
Yes but unless they turn it around you are talking about depreciating assets. The value of any law or vet or dental practice declines the more expensive they are to maintain and the more of them that are being sold. The last one out loses the most. Commercial real-estate is an example, it’s made a little bit of a come-back but the trend is definitely down thanks to internet sales. There are still a lot of vacant store fronts in every city.
I have a dentist in my family. He earned his way in by working for, then partnering with, another dentist. Then he eventually bought his partner out. Now he is at retirement age, he isn’t sure he can set a decent price if he tried to sell. There are a lot of younger professionals of various ethnicities who seem to self-segregate (e.g. Korean people see Korean dentists); and foreign immigrants who have overseas money to help them set up shop; and the people willing to buy a practice worry about their ability to retain the current log of patients so that they can recoup their investment.