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 closings. Office: 909-255-8353, Cell: 509-951-7230.
|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.
|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.
|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.
|Jim Thomas: Broker Specialist, Consultant - Fitness & Gym Industry
Jim Thomas is the well-known founder and president of Fitness Management USA, Inc., a management consulting and brokerage firm specializing in the fitness, health club and sports industry. He has over 25 years of experience owning, operating and managing clubs of all sizes.
|Joe Ranieri, Business Broker: Orange, LA County Areas
Having owned retail/restaurant businesses for over 20 years, my interest turned to selling businesses rather than owning them. I specialize in LA & Orange County restaurants, fast food independents and chains, bars, & liquor stores. Call 714-292-5448 Cell/Text.
|Rick Carlson, Business Broker - Southern California
You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939.
|Jack Oh, Business Broker: LA, Orange Counties
Business broker and real estate services in the Los Angeles and Orange County areas. 10 years experience with great negotiating skills. To sell a business or buy a business in the LA or Orange County Areas phone Jack and his team at 562-787-4989.
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