Franchising the future: where Baby Boomers retire and Millennial launch careers.

Author:Powell, Terry
Position:ENTREPRENEURS
 
FREE EXCERPT

It isn't typical to compare launching a career with retirement, but when it comes to the entrepreneurial tendencies of two contrasting generations--Baby Boomers and their Millennial children--The Entrepreneur's Source, a leading career and franchise business coaching network, says one can draw those types of parallels. While the Woodstock generation is retiring, their children are entering the workforce, and the employment landscape looks vastly different than it has in previous decades.

Later Retirement

The economy has forced many Baby Boomers to continue working: some members of this active generation welcome the stimulation of remaining in the workforce and others are left with the task of supporting their Millennial adult children. Recent studies indicate that more than 80 percent of Baby Boomers in the United States and 50 percent in Canada are not confident they will possess adequate funds for a comfortable retirement and anticipate the need to work beyond today's traditional retirement ages of sixty-two to sixty-five. These factors and others have drawn the Baby Boomer generation to seek a "second act" career--and franchising, with its inherent benefits of independence and structure, is a road that increasing numbers of Baby Boomers are taking.

Millennial Innovation

For the Millennial generation, the economy also took a toll on the traditional job market, leaving many unemployed or underemployed and underpaid. A generation driven by innovation, Millennial have a natural entrepreneurial disposition. With limited job opportunities and natural independent drive, Millennial find entrepreneurship and the stability of franchising to be an appealing career path. According to a 2011 Kauffman Foundation survey, more than half of Millennial (54 percent) either would like to pursue entrepreneurship as a career or already...

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