Small Business Boomers

It’s never too late to dream or set goals…and go for it!  As Boomers begin to reach retirement and Social Security age, they often give up on their dreams and feel there’s nothing to reach for in life.
However, they still can accomplish a great deal, operate a small business, influence grandchildren, travel, make new friends, develop careers and hobbies they only thought about fleetingly.  It’s time to explore the impossible!
So…make yourself a list of 100 dreams or goals you’d like to accomplish.  Some may be mundane while others are fleets of fancy.  Never mind.  Write them all down.  Then read …read more

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With the current economic crunch, more boomers seem to be delaying retirement (if they have this option), getting another job (possibly parttime) or starting their own business. 
Perhaps they have a mix or two or all three of these.
Do you fit into any of these categories?  Has life affected you differently in recent years than you had planned?
We can either moan about it or treat it as an exciting adventure!
I took a parttime job in a supermarket delicatessen this summer, and it’s continued into winter.  It actually takes me back to my roots, since I worked in my mother’s small grocery …read more

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We Baby Boomers are powerful.  At some 70 million strong, we have a lot of clout.  And we may need it in the coming years, if “entitlement reform” (euphemism for cutting Social Security benefits) starts rolling.
President Obama has committed to “entitlement reform” as a way to save the younger generations from having to pay for our Social Security benefits.  But the market crash has already taken away our other savings.  Why take our Social Security too?
I read an excellent blog post on Time Goes By recently.  The author, Ronni Bennett, warns us that it won’t be long until we will …read more

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If you are a Baby Boomer who is trying to sell a business, this is obviously a difficult time. I know of several professionals who are trying to sell practices, and they are finding that they must “be the banker” for the transaction, since the buyer cannot get bank financing.
A recent Wall Street Journal Small Business Link article notes that small business owners are increasingly forced to provide contracts for buyers.  If you need to sell your business, here a couple of tips:
Get Your Business in Order. I mean, clean up.  Clean the offices and your production areas before …read more

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President Obama promised to “fix” the health care situation in this country by guaranteeing health care to everyone.  That’s all well and good, but the money has to come from somewhere and guess who’s going to pay for it?  Yep.  Baby Boomers.  Here’s why: The President’s plan is going to cost $623 billion.  So his budget proposal includes “savings” in Medicare and Medicaid to finance the plan.
What Does “Savings” Mean? Now, before I go on, remember that the word “savings” is misleading.  The budget calls for increases in all kinds of things, including Medicare and Medicaid.  But if some changes …read more

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Now is the time for cruising. And you can get great deals.
Baby boomers have been the staple of the cruise industry for many years. But most of us boomers are holding on to our money right now. So the cruise lines are pulling out the incentives. Maybe it’s time to take a cruise.  You’re probably thinking I’m nuts – you just lost 30% of the value of your retirement funds.  But you know you can’t take it with you.  If you need some arguments to persuade your spouse (I’m working on mine) or significant other, here are …read more

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You may have heard that there are some groups, including the National Federation of Independent Business, that are advocating for a 6-month “payroll tax holiday” to jump start the economy. Sounds like a great idea, on the surface that is.
What’s a Payroll Tax Holiday? Well, the idea is that no one has to pay Social Security/Medicare taxes (approximately 15.3 percent of your gross pay) for six months. If you are employed, your employer pays half and you pay half; if you own a business, you pay the full amount, as self-employment tax. The idea is that this money …read more

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Spring is just around the corner and I can almost smell the wet earth, one of the best smells in the world.  Yesterday I went to a Winter Garden Fair presented by the Master Gardeners in my county.  I was inspired to get busy on my flower garden as soon as winter is over, but I was even more interested in talking with the Master Gardeners. I saw a lot of Baby Boomers there, and many who were Master Gardeners.
Ever since a neighbor told me about being a master gardener several years ago, I’ve had this on my list of …read more

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Over the past few days I have done two posts interviewing John Leonetti about his book Exiting Your Business, Protecting Your Wealth.  I have been talking with several young professionals who are looking for businesses to buy or who are buying businesses from Baby Boomers, so today I wanted to give you some insight into these young people.  I figure the more information you have the better.

Who Wants to Buy Your Business? Your prospective buyer might be anyone, but I would guess they have several characteristics:
They are young – probably under 35
They are male, although more and more I talk …read more

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Today, I am continuing my interview with John Leonetti, author of Exiting your Business, Protecting Your Wealth.
By way of background, yesterday, I mentioned that John has created a picture of four different types of business owners, depending on their financial and mental readiness.  Some owners are mentally ready, but not financially; some are financially ready but not mentally.  Some are neither mentally nor financially ready (these people probably shouldn’t be doing anything!), and some are both mentally and financially ready. I talk to lots of baby boomers who are considering getting out of their businesses and I see all four …read more

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