Whenever you go through a major structural change within society or the economy … opportunities will always emerge.
But you’ll find that Baby Boomers won’t be retiring — well, not in the conventional sense. Most will leave their long-time employment, to establish some type of small consultancy business.
In the past, many well-known firms simply evolved as a result of one generation following the next into the family business.
Invariably, sons (and even daughters) left school to join their parent’s firm. It was a handy way to ensure easy succession; and stood Australia in good stead throughout the 1900s.
However, the rules suddenly changed when Gen-X (and Gen-Y) started to enter the workforce — because they were determined to do their own thing, and find their own way.
And therefore, the “family business” tradition (as we knew it) has sadly waned over the past 20 to 30 years.
Only to Emerge Again in a New Form
Historically, it was the children who would join the parent’s established business. But as more Baby Boomers “retire” … it will be they who will be joining their children’s fledgeling businesses.
You may have already noticed that it seems to be the Gen-X (and Gen-Y) children, who are establishing many of the new small businesses.
And that’s because they …
* Dislike authority;
* Want to do their own thing;
* Have loads of self-confidence;
* Are risk takers; and
* Are very IT savvy.
However, many of them are lacking in …
* Business experience;
* Marketing skills;
* Network contacts; plus
* Credibility with the banks.
And this is where their baby-boomer parents can provide assistance.
Doing so may not necessarily involve taking an equity position in their children’s firm — it will probably just be an advisory role.
However, it may include the title of “Chairman” — to impress key potential clients during a pitch for their business. And in return, being given an office from which to run their own new consultancy.
Here is your Emerging Opportunity!
As a result of this trend, the demand for strata Office space within suburban Business Parks is really set to boom — rather than in the CBDs around Australia.
This is mainly due to Gen-X and Gen-Y seeking a more balanced lifestyle — wanting to work close to home … close to schools … close to their families, as they grow up.
This then, is your #1 Opportunity that Baby Boomers will continue to underpin, over the next 15 to 20 years.
Sure, there may be others. But clearly, this will be your most affordable entry — allowing you to take advantage of this known demographic trend.