Intergenerational Entrepreneurship Solves Succession Crisis in Boomer Businesses
Boomers to Sell $10 Trillion of Assets Over the Next Two Decades (Source: California Association of Business Brokers)
In an article for Forbes, "Baby Boomers Are Selling Their Businesses to Millennial Entrepreneurs, and It's a Brilliant Idea," Jason Duff, CEO of COMSTOR Outdoor, states:
"Experts estimate that millions of baby boomer entrepreneurs will close or sell their business in the next decade.
A 2016 survey of small businesses in the United States indicated that 72% of small business owners don’t have an exit plan and 54% intend to leave in 10 years. We have a succession crisis."
Intergenerational entrepreneurship is the new model to create and fund startups by merging youth and experience.
Intergenerational entrepreneurship is the solution to the succession crisis facing millions of Boomers who own small businesses throughout the US.
Thank you, Bob Roark, Executive Producer and Host of Business Leaders Podcast, for reminding me how intergenerational entrepreneurship benefits individuals, economies and society.