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Baby boom bubbles, business sales, and demographic diversions Business brokers in North America, Australia and New Zealand have been rubbing their hands in glee in anticipation of a flood of business sales as all those tired, old, business owners in the baby boomer generation reach 60 and rush to retirement.Regrettably, the reality will be different. Yes, the percentage of population in the 60+ age bracket is increasing steadily. But: - we are living longer and (generally) healthier so there are not the same physical pressures to retire. - our standard of living expectations are so much higher. Owning your own business is the best investment and the continuing cashflow allows boomers to maintain their lifestyle. - there is less confidence that the state will provide adequate social and health care. Many boomers married later and had families later and still have mortgages and children going through the education system so they have not yet built sufficient equity to fund a satisfactory retirement. - with full employment there is not the same motivation to retire and make way for young people and create more jobs. - for many business owners and senior executives retirement is seen as a loss of status and of purpose in life - particularly if they do not have a hobby, interest, or passion to keep them busy. We must all exit our business at some time - hopefully in a planned and prepared way. However, we need to amend our assumptions about the demographic changes taking place. Boomers? businesses will be coming on the market for the next 30 years as they continue to enjoy the independence, challenge and equity build-up that business ownership brings. All the best for the festive season and for a great 2008 We appreciate the support and friendship we receive from professional advisors, colleagues, clients, and customers and sincerely hope that 2008 brings you all your heart desires. - Glorianne and Clyth |
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