First, we must define, who are the Millennials? The exact years are up for debate, but Millennials were born during approximately between 1981-1986, which today would be between 22 and 37 years of age. A large percentage of Millennials are children of the Baby Boomer generation (1946-1964) and a bit of generation X (1965-1980). Millennials grew up in the shadow of the great recession of 2008, and many have seen parents who worked corporate jobs forced into early retirement through downsizing and massive layoffs, while some industries, such as print media, are unrecognizable and essentially a dying industry. According to a Forbes article from February 2017, “Over 62% of millennials have considered starting their own business, with 72% feeling that startups and entrepreneurs are a necessary economic force for creating jobs and driving innovation.”
As Baby Boomers begin retiring and selling their small business, one must ask, what exactly are Millennials looking for when buying a small business?
1. A business has a strong social media presence
Yelp, Facebook, Instagram, Twitter, and all the rest of the social media platforms are extremely important, and the business should have a strong presence on these platforms. Deciding to eat at a certain restaurant or drink at a certain bar can be determined by their Yelp reviews to this generation. A business owner is missing out on marketing towards a large percentage of people if they are not up to speed on their social media presence.
2. A business should feel local and authentic
As previously stated, many Millennials have watched their parents forced into early retirement, and because of that, have a cynical attitude towards major corporations, which they view as cold and soulless. Millennials like to feel like their business experience is unique and personal and they are not just another clog in the wheel.
3. Millennials love to share their experiences
A business, particularly a restaurant, cafe, or bar, must have Wi-Fi. Why spend a lot of money on advertising, when loyal customers will do that for you through social media and other platforms. A good Facebook or Instagram page allows business owners to engage with their customers even after they have left and keep them engaged so they come back again and again.
4. Know where your product comes from
This is especially true with restaurant owners. Millennials are more apt to ask if a meat or chicken is from a local farm or if it is from a free-range (cage free) farm. Also, many Millennials are concerned about the environment, and so recyclable products and "going green" is important to them. Many people of this generation, this concerning restaurants, appreciate craft beers and are more open to products that are gluten free.
Millennials, like all people, are interested in owning a business that will be able to provide for them and their families, but they are also interested in providing an environment that feels unique and authentic, and hopefully one that can give back and enrich their community.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|William F. Ziprick, Attorney: Legal Services For Buyers And Sellers
Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of successful closings. Office: 909-255-8353, Cell: 509-951-7230.
|Helen Yoo, New Century Escrow - Escrow Services In Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Shalonda Chappel: Escrow & Bulk Sale Services - Southern California
Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972.
|Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Bob Baumgarten, Business Broker: Southern California
National Business Brokerage is a full service brokerage company that has been serving buyers and sellers of Southern California businesses since 1994. We are dedicated to providing the highest standards of professional service for our clients. Phone Bob direct at 949-292-2008.
|Peter Siegel, MBA, BizBen Founder, ProBuy, ProSell Programs
Founder & President Of BizBen.com (since 1994). I am the Lead Facilitator for both the ProSell & ProBuy Programs. I consult daily with business buyers, business owner/sellers, and brokers and agents daily about buying and selling California small to mid-sized businesses. Call 925-785-3118.
|Michael Davidson, Business Broker - Southern California
Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success.
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