Everyone is talking these days about how the millennial generation will impact the workforce in the years to come. According to Nielsen, the 77 million millennials in the United States today, ranging from age 18 to age 36, comprise 24 percent of the population (on par with the baby boomers) and are the most educated generation in history. Several studies of millennials discovered consistent career goals regardless of industry or profession: a flexible work culture, leveraged use of technology, transparency and participation in decisionmaking and socially responsible business practices.
Furthermore, as the baby boomer generation begins to retire, the dynamics within family owned businesses will dramatically change. The next generation entering the work force often doesn’t have in-depth knowledge and expertise about the family business, or business practices in general, which typically leads to a transition period between retirement of the baby boomer and the millennial generation taking over the day-to-day running of the business. Discuss the following key items with your clients to bridge the gap between experienced family members and the next generation, so that the family legacy and business are protected.
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