We’ve heard about this phenomenon for years, but it’s now officially here. The first wave of Boomers are 65 this year. More and more are going to retire from their jobs or from their businesses and it’s going to have a major ripple effect. More people collecting pensions; fewer people paying in. More people stepping down, taking their experience and wisdom with them; fewer people to step up. More business owners wanting to sell their business; fewer prospective purchasers to buy them.
As a race, humans are pretty adaptable and the world will continue. But individually, there will be casualties.
Remaining Boomer managers will have their workloads increased even more because they haven’t had time to train their younger successors. They will burn out, have heart attacks or retire early because they can’t stand it any more. Boomer business owners will increasingly begin putting their companies up for sale with visions of retirement dancing in their heads. Many will be disappointed because no one will want to buy their company or if they do, it will be at a value far below the owner’s wishful thinking.
My book, The Business Transition Crisis, addresses these issues and if you want to “beat the biggest business selloff in history”, you should begin now to prepare yourself and your business for the impending transition that is going to take place. You can download the first chapter for free by going to The Business Transition Crisis-Preview.