The Silver Tsunami is coming, there is no stopping it. The only thing that can be done is take proverbial shelter.
Planning for your own professional and financial survival during the tsunami depends on your keen powers of observation. Your options will be heavily influenced by your generation. Are you a baby boomer business owner planning for near-term retirement? Are you a member of Gen-X who will see opportunities open as the Boomers exit? What about vendors or other companies that you are contracted with? What do you see happening with them? If they go out of business, what is the effect on your day to day operations and bottom line? Now is time to gather information and consider your options.
Want to help build a storm shelter for others? There are a few things you can do as an outsider to help build that storm shelter for those who will be affected.
Be the Siren
Encourage conversation between business owners. For whatever reason, business owners who are considering retirement refuse to talk about it and issues that they face until it could be too late. If you are a banker, CPA, or lawyer, odds are you’ll be first to know. Start asking them questions, because the earlier you start helping them plan for their company’s post-retirement future, the better the odds of survival. Typically, you will have a great deal of trust with your clients, and you can honor that trust by making them aware of the potential problems they could face.
Raise awareness of the problem that faces us. There a plenty of organizations such as the media, legislative bodies, Chambers of Commerce, or Economic Development Commissions that can help. New companies get significant investments of time and money, but what about the businesses that already exist? They aren’t that exciting, but they are the basis of the economy, and losing them would cause upheaval. What if the same amount of investment was put to those existing businesses?
Create the Storm Shelter
The “storm shelter” could take many different forms. Is offering tax credits for companies to do company analysis and planning an option? Crafting mentorship programs for CEO’s to come together and discuss business woes they have is a great option. By bringing together a bunch of likeminded, similarly positioned individuals, it lets them have the conversation about what has worked for them, and what has been the most difficult. It is easiest to discuss issues with people who have also experienced them. Creating a tracking/reporting system to keep up with how companies perform is another viable option.
Got your own ideas? We’d love to hear them and see how we can help mitigate the oncoming Tsunami. Contact CIS at 501-420-4194 x701 for more information.
Our podcast on Arkansas 100 has more information on this subject.