When the radio disc jockey uses the phrase ‘an Oldie but a Goodie’ they could be talking about either a song or a prospective business owner.
The findings of a study conducted for RBC Royal Bank shows that Baby Boomers are hardly sliding into retirement – a large percentage are sliding into the CEO’s chair instead.
The report says almost half of boomers – especially those who are now empty nesters – either own or have thought about owning a small business. The ratio of boomers in business runs about 2-to-1 compared to millennials who operate their own enterprises.
The reasons pushing each generation are slightly different too. For boomers, buying or starting a business appeals as a mechanism to put a lifetime of experience to work and supplement their retirement income. For the younger millennial generation, it’s about control – being in charge of their career or to have a vehicle to express their values. A close third for this generation is to bring a new product to market.
For boomers, the primary catalyst for taking the leap into business ownership was the freedom of becoming an empty nester.