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Jul 26, 201811:09 AMExit Stage Right

with Martha Sullivan

Understanding the fresh attitudes of millennial business owners

(page 2 of 2)

One other difference struck me in this and other meetings with younger owners. These two owners are remarkably clear-eyed about where their strengths and competencies did and did not exist. They also knew, intuitively, that for the business to grow its profits and value at the same time, they needed to reach out and bring a team together to make it happen. That is not a trait boomers are known for. They were often told (and said themselves), “If you want something done right, do it yourself.” When it comes to building value in a company, the millennials’ approach has greater probability for creating and growing sustainable businesses and real economic value.

As always, each generation can learn from one another’s successes and failures. From all the reports, millennials have a strong desire to leave the world better than they found it and still have time left to do other things they enjoy as well. Based on my meeting last week, I think they’ll do just that.

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On a different note, as a business owner, have you ever been curious as to how you stack up to other owners in terms of your readiness for transition?

As president of the Wisconsin Chapter of the Exit Planning Institute, I’m excited to share with you that we have just launched a survey of Wisconsin business owners to learn just that. We want to learn, and will ultimately share with you, how ready our Wisconsin business owners are. How ready are you?

Follow this link to take the Owner Readiness Survey now. It should take less than 15 minutes to complete. Let me know what you think and if you want to be included on the distribution of the results later this year.

Click here to sign up for the free IB ezine — your twice-weekly resource for local business news, analysis, voices, and the names you need to know. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.

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About This Blog

Spending half her career as an advisor to privately-held and family businesses and the other half in CFO/COO roles, Martha Sullivan is a partner and the succession planning practice leader in the business transition strategies group at Honkamp, Krueger & Co., P.C. She and her team have extensive experience assisting business owners achieve their personal, business, and transition goals. “Don’t think of the 'exit' from your business like it’s a four-letter word. Make it your next adventure!”

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