America’s $10 Trillion Handoff: How Baby Boomers Are Fueling Middle-Market M&A in 2025

By Lou Sokolovskiy

When George Coulam, the owner of the Texas Renaissance Festival—America’s largest event of its kind, drawing over 500,000 visitors annually—decided it was time to retire, he faced a dilemma familiar to many baby-boomer founders. Despite numerous suitors, not a single bid felt right for the 86-year-old man. This moment wasn’t just about finding a buyer—it was about handing off a lifetime’s work as documented in the 2024 HBO docuseries “Ren Faire.” 

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