Saturday, April 6, 2019

Hey there Millennial's and GenXrs! The demographics are in your favor.

Hey there Millennial's and GenXrs! I've read 2 interesting articles this morning, both posted on LinkedIn. The first was by a Millennial in Business Insider about how far behind Millennial's feel they are economically. The second was about succession planning from the elite retirement and wealth advisors conference Fi360 Conference, about 5 succession hurdles.

Here's the good news if you are a Millennial or GenX, the demographics are in your favor. Because the youngest Boomer, likely your boss, is 57 in 2019 and the oldest GenX is also 57 in 2019. You see there is a crossover in generations. Generational dynamics are not a scientific absolute, it shares the same root with the word generality. That's why I say the demographics are in your favor if you are a younger GenX or anywhere in the Millennial group. All the Boomers and progressively most of the GenX business owners will HAVE to find a successor in the next 20 years. That's going to create a seller’s glut.  Sooner than later.

What is already dismal data on the ability of Boomers to sell their business will get worse. But for the fact that you can position yourself to be the successor, and that's what it has to take; you can position yourself as the INSIDE BUYER successor. Don't wait for an invitation from the boss, they are probably avoiding the inevitable. Decide you're going to be the successor. Do what you need to do to be capable of being the successor. You will be ideally positioned to be the inside buyer both your boomer boss and older Gen X owners must have if they're going to retire.

I cover this in more detail in my upcoming book.

Ownership Ladder
How a Smart Employee Can Buy out the Boss

Bill Heestand

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