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.
How a Smart Employee Can Buy out the Boss
Bill Heestand
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