When seniors go see financiers about making an investment in an idea they have for a business, they can face some hurdles. Their age is just one of them. Bankers may fear that boomers, who are retired, may be out of touch with today's global marketplace. They certainly have to consider whether or not the seniors will live long enough to pay back a loan. There are good reasons however, why baby boomer entrepreneurs are good risks.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
A lot of boomers looked forward to retirement. They loved the idea of plenty of extra time to do whatever they wanted. Many of these same seniors looked around after a few months and decided they were going to die of boredom if they didn't find something useful and mentally engaging to do. They want to get out of the house and back into the workforce, on their own terms.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
As an investor in a senior owned business, you want to feel assured your concerns are taken seriously. Boomers know all about budgeting, paying back loans with interest, business plans, and quarterly reviews. Many of them have been through it all before. You will have a partner who understands your bottom line and will appreciate your participation and interest in this new venture.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
A lot of boomers looked forward to retirement. They loved the idea of plenty of extra time to do whatever they wanted. Many of these same seniors looked around after a few months and decided they were going to die of boredom if they didn't find something useful and mentally engaging to do. They want to get out of the house and back into the workforce, on their own terms.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
As an investor in a senior owned business, you want to feel assured your concerns are taken seriously. Boomers know all about budgeting, paying back loans with interest, business plans, and quarterly reviews. Many of them have been through it all before. You will have a partner who understands your bottom line and will appreciate your participation and interest in this new venture.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
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