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Businesses Changing Hands From Baby Boomers To Boomerangers
April 28, 2008

According to an article on MSN.com, a recent Pew survey has shown that 68% of baby boomers who have children, have children who rely on them as a source of financial assistance.  With this in mind, is my generation really ready to run the family business?

Well, as a single mom, I owned my own home for over 4 years before I incurred so much debt that I had to sell.  My daughter and I moved into my mom's basement, a cozy living situation, but mom's basement, nonetheless.  I pay her plenty of rent and do not rely on her for financial assistance but I do live under her roof.  (The term boomerang generation comes from the fact that so many of us have had to run home to mom!)

As common as is my situation, is it really foreseeable that my generation should be preparing to run the family businesses?  It actually scares me because, while incredibly talented in many areas (ha ha!), I have never been good with money.  I always just kind of figured we had an accountant to handle the numbers.  I'm beginning to realize, though, that I am not prepared for what I will have to do if my sisters and I are to run all of the operations of the store.  

Do any of you from my generation have any advice?  Do any parents of my generation have any insight?  Is my generation and thus the fate of the small business as a whole in jeopardy of extinction?  I think I need to marry an accountant.

Posted by Kelly Nelson on April 28, 2008 | Comments (0)