The Generational Divide
Each generation approaches the table with different life experiences and expertise. Older generations experienced radical change as we entered the new millennium, while younger generations became pioneers in various new technologies. One thing that connects these generations is business ownership. Baby Boomers (anyone born between 1946-1964) and Generation X (anyone born between 1965-1980) business owners, specifically, are preparing to begin exiting their businesses.
Exit planning is valuable at any stage for any business owner, but it is especially important for older generations where the exit might be nearer. According to our own National Generational State of Owner Readiness™ Report, more than half of business owners across all generations say exit planning is important. However, only a small number have actually completed any kind of formal business valuation.
Our data shows that Baby Boomer business owners plan to exit within the next three to five years. Building transferable value and aligning personal, financial, and business goals are key parts of exit planning and the Value Acceleration Methodology™, but this cannot be achieved without the expertise of a Certified Exit Planning Advisor (CEPA®).
A Wealth of Golden Experience
So, with what feels like a generational divide, how can younger CEPAs ensure they connect with their older business owner clients?
For the CEPA in any generation, it is essential to tailor and personalize the guidance and interactions you have with a business owner based on the individual, rather than stereotypes based on their age. Forget preconceived notions about different generations, and engage openly and honestly with the business owner. Because the Value Acceleration Methodology calls on CEPAs and the team to align all Three Legs of the Stool, including the personal goal leg, knowing the business owner’s personality and goals is a huge part of the puzzle.
Building these relationships can also offer valuable learning opportunities and strengthen your professional network. As a CEPA, you have the potential to connect with business owners who have been part of their industry for many years. Use this opportunity to learn from them and gain important insights for working with other business owner clients in the future.
Tips for Bridging the Gap
When engaging with older generations of business owners, it’s essential to recognize and appreciate their unique experiences and perspectives. Respecting each individual’s background and approach is key, as every person has a full life, which includes all of the experience and expertise that the years bring. Being open to their experiences fosters trust and demonstrates genuine respect, which is essential in building strong business relationships and stronger relationships overall.
Contrary to stereotypes, many older generations are not necessarily tech-averse. While it’s often assumed that they resist technological change, consider how much societal and personal change they have witnessed throughout their lives. Their adherence to stability and hard work reflects a lifetime of adapting and overcoming challenges, qualities that resonate across generations, including GenX.
Ultimately, the common ground lies in shared values and goals. If a CEPA’s focus remains on building value and achieving the desired results, those objectives become the central focus, transcending generational differences. Emphasizing collaboration and mutual respect ensures that all parties can work together effectively to reach successful outcomes and the desired exit.
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