The Boomer Blog

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FH Boom News Digest February 16, 2011 Posted: 16 Feb 2011 07:01 AM PST Kids Like Their iPods. Their Parents? E-Readers Mark Hachman PCMag.com February 3 Overview: "Unsurprisingly, the younger generations are latching on to mobile devices, owning more of the latest gadgets than their elder peers. The findings, part of a study released Thursday by the Pew Internet and American Life Project, also found that kids tap on cell phones, while their parents type; more of the so-called Millenial generation uses smartphones for other functions besides calls than their parents. "Pew surveyed 3,001 individuals, and defined them into their respective generations: Millennials (18-34), Gen X (35-46), younger Baby Boomers (47-56) older Boomers (57-65) and the so-called "silent generation" (66-74) and 75-year-olds as above." http://tinyurl.com/4n26jcm Boomers are Driving a New Entrepreneurship Boom Martin Zwilling Forbes Blog February 7 Overview: "Some people are calling entrepreneurship the 'new mid-life crisis' for the 76 million-strong demographic once thought to be over the hill. Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, 62% of working Boomers are now expected to stay in the labor force, with real power and influence, for at least nine more years, to 2020. "Here is a summary of indicative facts from the earlier study referenced, an update published last year, and others. These indicate that the correct icon for an entrepreneur may now have gray hair, rather than the warm glow of youth: • In every single year from 1996 to 2010, Boomers between the ages of 55 and 64 had a higher rate of entrepreneurial activity than Gen-Y, aged 20–34. The highest growth rate last year actually was the next echelon, Gen-X, 35 to 44-year-olds. • These trends seem likely to persist. In the Kauffman Foundation Survey of nearly 5,000 companies that began in 2004, nearly two-thirds of the founders are now between the ages of 35 and 54. • Additionally, Kauffman research has revealed that the average age of the founders of technology companies in the United States is a surprisingly high 39 – with twice as many over age 50 as under age 25. • While people under 30 have historically jumped from job to job, another striking development has been a deep drop in the incidence of 'lifetime' jobs among men over age 50. • With longer life expectancies and greater health in later life, older generations are moving to start new firms — and mentor young entrepreneurs. One new incentive is the falling transaction costs and barriers to entry for entrepreneurs of every age. • Half of the Internet users aged 50-64 use social media now, an 88 percent growth from the previous year. The number of Facebook users in the US aged 55 and older grew from around 1 million in early 2009 to 10 million in early 2010. • The immigrant rate of entrepreneurial activity declined slightly in 2009, but remained substantially higher than the native-born rate. Business-startup rates in America increased the most in the Midwest and South." http://tinyurl.com/487lrpc Are Baby Boomers Ready to Exit Their Businesses? Barbara Taylor The New York Times Small Business February 10 Overview: "It's official: as of Jan.1, the oldest of America's baby boom generation started turning 65 at a rate of 10,000 a day — a trend that will last for the next 19 years. As articles like this one point out, the coming wave will mean big business for many industries. Many of us who offer financial services linked to retirement have been anticipating the day when the largest wealth transfer in our nation's history officially begins. "Yet there is no shortage of articles proclaiming that people born from 1946 through 1964 are ill-prepared for retirement. While I've never seen a statistic comparing the lack of retirement planning with a lack of exit planning for retiring business owners, I'd be willing to bet that there is a strong correlation between the two. In fact, my experience tells me that, while most people check the value of their stock portfolio at least occasionally, most business owners wait until the 11th hour to determine the value of their businesses." http://tinyurl.com/4klvg9j Succession planning is not just for the Apples of the world Sheri F.Schultz SPECIAL TO THE MIAMI HERALD February 14 Overview: "As baby boomers are approaching retirement, a formal succession plan is critical to ensuring that ownership of a company passes smoothly when the owner leaves and critical to preserving the stability of the business. Many business owners assume that the market will be ripe with willing buyers when they are ready to retire. Unfortunately, a buyer's market is expected to ensue as baby boomers retire en masse. The oversupply of sellers will likely depress pricing multiples and allow buyers to be more selective when evaluating acquisition candidates. "Instead, owners may need to groom a second generation of leaders by developing talent internally and promoting from within. This will provide a company with various options when a successor is needed." http://tinyurl.com/4dex3yl

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