Four Characteristics of Baby Boomer Business Owners

In the past, when the working class entered retirement their working days were done.  It was time to hang the hat and begin the life of a retiree.  With the nations 75 million baby boomer generation, it’s bit of a different story.  After retirement, they are seeking a new challenge.  Typically, they want to continue on with

1. Held relatively high positions in the corporate or business world

Many boomers could no longer take their current work environment and are looking for a change.  Others were downsized or let go after a merger or sale.  But it’s that real world experience that they are using to apply to their new business.  Whether it’s starting up a new franchise or even an online venture (blog, uh-hem?), the boomer can apply their know how to make the business successful.

2. Retiring is never really an option.

For those that have started a new business as their second career, getting rid of the business is never really an option.  Most businesses that are started up by boomers is created based on their passed experiences and a passion that is irreplaceable.  Trying to find the right predecessor is a greater challenge that continuing to run the business.  Besides, if they sell the business; then what?  Retire?  Not an option for most boomers that enjoy the continued challenge.

3. They have clear sense of life’s meaning.

By having a good sense of what their life means to them, it helps them choose the right people to do business with.  They know the values that are important to them and can easily see if another person shares those core values.

4. Desire to Help Others

Most boomers feel thankful to be in the position they are in.  To have the opportunity to start a new business that if becomes successful, brings out their philanthropist nature.  Giving back to their local community or a charity that is dear to them are common ways that most boomer business owners give back.

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