Recently we shared a trivia poll on our LinkedIn to our network of professional advisors and business owners. We were interested to see if our advisors knew key differences between the generations. Here are the results.
A baby boomer business owner in part is known for…
0% Their work / life balance
30% Their ability to handle crisis
40% Being ambitious but not focused
30% Being culture creators
The correct answer is Their ability to handle crisis.
Baby Boomer Business Owners
Exit Planning Institute President, Scott Snider says, “The baby boomer generation is known to be the creators of the 60-hour work week. That being said, I don’t think a good work / life balance is “their thing”. The boomers are certainly an ambitious generation. They are the most entrepreneurial and career focused generation, with one of their main core values being success, but they tend to be framed and focused.
The ability to handle crisis is one of the most impressive things about this generation. This ability to handle crisis has likely guided them through our current pandemic. Heck, these folks have navigated many things over the course of starting, building, operating, and potentially now exiting their companies. The real estate bubble, Y2K, September 11, the Great Recession, and war on terrorism.
Their ability to navigate the exit of their company is certainly something they can do with the right guidance. Guidance from well-educated experts that know how to help the business owner grow value, align their personal and financial goals, and successfully transition their company.”
Learn more about Baby Boomer business owners in Walking To Destiny by Chris Snider.
The remaining characteristics listed above describe Gen X, Millennials, and Gen Z. Gen X owners and business professionals are characterized by their work/life balance. Millennials have many ambitions and enjoy experiences over focused professional goals. Gen Z, a generation that has grown up with immediate access to advanced technology, is known for creating culture and content.
Understanding the differences between the generations will enable you, as a professional advisor, to engage owners in a more meaningful way during their business succession plan.
How to Engage Baby Boomer Customers
Are you interested in expanding your customer base, engaging with more of your target owner demographic, or having a stronger marketing presence?
EPI is proud to announce our partnership with RAYNE IX, an executive coaching and consulting company for small businesses and exit planning advisors, in our newest educational offering: The EPI Marketing for the Professional Advisor Masterclass.
The EPI Marketing for the Professional Advisor Masterclass is a five-part on-demand masterclass that is broken down into interactive modules. This course takes all the knowledge and skills accumulated over nearly two decades in the branding, digital marketing, and business ownership industries and packages them all up into easily digestible content for you to consume and begin implementing immediately.
We designed our on-demand masterclass to accommodate your busy schedule. Complete the Masterclass on your own time table.
The topics covered include:
- Identifying, understanding, and finding your target audience
- Building your brand and core differentiators
- Creating valuable content that builds your business
- Business development tactics and KPIs