Six Boomer Retirement Trends

According to the Encore Career Handbook written by Marci Alboher. The oldest Baby Boomers are turning 67 and the societal norms for retirement are being rewritten. Nine million Boomers have decided to choose alternatives to traditional retirement and are enjoying meaningful work in jobs after retirement. Another 31 million people are planning to do the same according to Marci Alboher in the The Encore Career Handbook. What top trends are emerging?

• Boomers WANT to work. Why? There is a need for intellectual stimulation. Sitting around and drinking a martini by the pool or playing a round of golf a day becomes boring. Over the course of a career Boomers have gathered priceless knowledge, experience and expertise and are eager to put it to use.
• They need social interaction. When you are used to going to work everyday and engaging with coworker’s retirement can be lonely. Many have to make much more of an effort to see friends and have to reach out of their comfort zone to change their social circle.
• Some need a financial supplement. A woman turning 60 today without any history of heart disease is likely to live to 92, which is 10 – 20 years longer than Boomer’s parents. Living is expensive!
• Some enjoy volunteering. It is enjoyable to use the skills and expertise developed over the course of a career to help others.
• They are job hunting and learning new skills like social media to help boost resumes. Brushing up on interview skills and resumes are also on the to do list.
• They are seeking a new purpose. For 40+ years careers have defined Boomers. Now that retirement is approaching it is time to explore and find a new purpose in life. Reassessing interests and skills is helping Boomers find a new path in life.

Although there is no road map for this generation, they are the first to live a long and likely healthy life in retirement, and there are a few notable mile markers emerging. Retirement has become a process. Boomers want to work but they want it to be meaningful and on their own time. What are your plans?

Integrity: Take The High Road

Entrepreneur Magazine - Abby Donnelly

As a leader in your organization, you are a role model to your employees, trusted advisors, and the business community. If you have been treated badly, or you see inappropriate or unprofessional behavior, you have a responsibility to address it, directly and professionally. Integrity matters. Take the high road and have the difficult conversation, as Abby recommended to the Ethics Coach in this letter to the editor of Entrepreneur magazine which appears in the April 2013 issue. Download the PDF (1.9MB)

Our Top 6 Succession Planning Questions For Business Owners

I recently had the privilege of engaging with more than 50 succession planning professionals at our inaugural Succession Planning Roundtable to discuss how we can best serve our business owner clients. These credentialed CPAs, estate planning attorneys, business attorneys, wealth advisors and risk/ insurance experts have decades of experience in their fields.

But there’s one question none of them could adequately answer: how to move their clients to action on succession planning, even as potentially serious consequences loom ahead for boomer business owners who choose to ignore the inevitable fact that every owner will leave his or her business one day.

Though we didn’t come up with a magical answer, there was a lot of good material shared. Each of our five panelists shared their top questions they ask their clients when talking about succession. If you’re still thinking, “Not me. Not yet,” read on for the questions I find important in spurring my clients into action. Click here for the full list of all of the roundtable presenters’ questions.

1 — What concerns you most about getting started with succession planning?

• What's holding you back or getting in your way? What have you already done?

2 — Who in your business IS — or CAN BE — capable of running it profitably and sustainably if:

• You wanted to take off for two to four weeks for a much-earned vacation getaway?
• You were tired of the demands and wanted to ramp down to three days per week?
• You were no longer able to run your business due to health issues, family needs or worse?
• Could your family continue to run your business profitably?
• Could your family afford to hire someone to replace you?
• How do you know? Are they willing? What is your contingency plan if something happened to you?

3 — Do you really know what your business is worth, beyond a back-of-napkin self-assessment? What will someone pay for it? What would YOU pay for it if you were buying it today?

4 — What have you done to get your business “sale ready” for the outcome you most want, whether to fund your retirement, leave a legacy business to family or employees or find a strategic buyer?

5 — Most owners have a hard time imagining life without their business. How will you navigate that transition?

6 — What two or three things could you do in the next three months to position you to transition on your terms?

Spend some time with these questions. You don’t have to have all of the answers tomorrow, but it will serve you well to consider them today.

Interested in joining our Succession Planning Roundtable? Email Abby or call 336.458.9939. We’ll add you to our invitation list for future events.