I’m now in the process of writing a second Quiet Millionaire® book. My first Quiet Millionaire® book was written as a comprehensive personal finance guide covering a wide range of financial issues and concerns typically encountered by a broad readership.
This second book is being written specifically to benefit the baby boomer entrepreneur. In particular, I’m intending to address the psychological issues faced by the business owner while transitioning through what I term as the last two stages of business, the Thunder and Plunder stages.
I’ve determined from my research and experience that the psychological aspects of transitioning are more impactful than the more commonly addressed technical, financial, and legal issues. Thus, the psychological is my primary focus for the book’s content, and is what I deem as making the new book unique. This blog briefly cites examples of psychological decision-making being influenced by age.
Baby boomer entrepreneurs think very differently about business ownership than does the upcoming successor generation. Today’s younger generation of entrepreneurs typically view business ownership primarily as a means to an end, and have manifested a somewhat jaded attitude about job security and employee loyalty. This is because they grew up observing their parents get downsized and packaged off into early retirement after years of loyal, hard-working commitment to their employer. As a result, today’s younger entrepreneurs expect more immediate financial rewards and want to live a more balanced work/personal life than the previous generation.
Contrast this with the baby boomer entrepreneurs who typically view their business as a profit center with a “heart”. They grew their businesses based upon a culture, which emphasized job security, nurtured employee loyalty, and often advocated community involvement. Their ownership tenure is owning just one business for the long-term, and selling their business feels as if they’re selling out their loyal employees as well.
Selling their business is often selling their entire way of life. Their life has been devoted to their business and they didn’t have time for hobbies and activities beyond the business. This is why so many boomer entrepreneurs refuse to sell or experience depression after they do, and often leading to a premature death. Of course, there are exceptions, but research reveals that it’s the business owner’s birth certificate, which influences entrepreneurial decision-making more than industry, nationality, marital status, or educational background.
If you’re a baby boomer entrepreneur wanting to make better decisions about building the Value and Sellability of your business, CLICK HERE