A survey of the Bulgarian Industrial Association (BIA) suggests that the business elite in Bulgaria has been ageing. Rapid technological development has opened a gap between older and younger generations of managers. „This gap may turn into a stumbling block in the process of providing continuity”, the report of Tomcho Tomov, head of the National Center for Competence Assessment at BIA reads. The report was presented by Tomov at the conference “Mobility of the elites of transition (1989-2017)” and is based on data from international surveys and research of BIA about entrepreneurship in Bulgaria and the continuity of generations in business (mostly family businesses). The report also reads that the entrepreneurial environment in Bulgaria is underdeveloped compared to the situation in other countries in transition. Family businesses account for about 42 percent of all Bulgarian private companies. Family companies provide for close to 20 percent of added value to the GDP of the country and for one-third of jobs. The specific needs and potential of family businesses in Bulgaria is overlooked by public institutions. According to reports of the European Commission, continuity in business is a pan-European problem. Business transfer is the most critical phase in the life cycle of a small business and one of the major risks for family businesses. The consequences of this trend may prove to be particularly detrimental for the Bulgarian economy, the report contends.