BizBen.com
500 New & Refreshed Posts, Postings Daily
Over 8,000 Postings & 2,500 Resources
Assisting Buyers & Sellers Over 25 Years!

Categories

Millennial Buyers: What Are They Seeking When Buying A Business?

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.

Categories: BizBen Blog Contributor, Buying A Business, How To Buy A Business

Contributor:

Joe Ranieri
Areas Served: Orange, Los Angeles County Areas
Phone:  714-292-5448 Cell, 714-292-5448 Text
Having owned both retail and restaurant businesses for over 20 years, my interest turned to selling businesses rather than owning them. I specialize in Los Angeles & Orange County restaurants, fast food independents and chains, bars, gas stations, liquor stores. Call me at 714-292-5448 Cell/Text.




Place A Posting To Sell Or Buy A Business, Search All Postings


Sell A Business Fast: Place A For Sale Posting Now To Sell A Small Business - 7 Programs To Select From >
Find A Business To Buy Fast: Place A Wanted To Buy Posting Today - Best Way To Find & Buy A Business >
Search Business For Sale & Wanted To Buy Postings On BizBen - 500 New & Refreshed Postings Daily! >

Other Related Blog Posts, Articles, And Discussions You May Be Interested In

Should Buyers Take Control Before Closing? Should A Buyer Be Allowed To Operate A Small Business Before Escrow Closes?

Business buyers, brokers, owner/sellers all ask this question at some point. So I decided to ask some of the top Intermediaries in the California marketplace what they thought of the idea. Most of the ProIntermediaries on BizBen agreed with me on taking early possession before the close of escrow.
How To Buy A Dry Cleaners Finding A Dry Cleaner Small Business For Sale That Will Be A High Performer

Before you buy a dry cleaners small business, read these critical tips about this industry. Discover why a dry cleaner needs to be "green" to be profitable. Peter Siegel, MBA (BizBen ProBuy, ProSell Program Advisor) explores this topic and other helpful strategies on buying a dry cleaning store.
Business Buyers Biggest Mistakes What Are Buyers Biggest Mistakes? The Pro's Examine 25 Of The Most Common

A business buyer in our ProBuy Program searching to buy a small business asked me to sum up what I thought the biggest mistakes business buyers make when they search for and bought a small business. I asked ProIntermediaries on BizBen their thoughts on the matter and received a diverse response.
6 Untruths Told To Business Buyers 6 Possible Untruths Told To Business Buyers When Buying A Small Businesss

Even without meaning to be dishonest, sellers or brokers talking to someone who wants to buy a small business often make statements that are not true. And sometimes what is said is known to be a lie. The buyer is smart to carefully evaluate what they hear - six untrue statements sometimes told.
How Long Is A Standard Non-Compete Agreement? How Long Is A Standard Non-Compete Agreement Between Buyers And Sellers?

For those who don't know, a non-compete agreement is a contract between a buyer and seller of a business, which after the sale, prohibits the seller from engaging in direct competition with the business they previously sold. Joe Ranieri (Business Broker) adds this topic to a BizBen Discussion Post.
Buying An Absentee Small Business The Pros And Cons Of Buying An Absentee Run Small Business In California

Peter Siegel, MBA - BizBen Founder discusses the difference between a hands on owner and an absentee owner. It covers why someone would want to be an absentee owner and then goes on to discuss the pros and cons of buying an absentee run small business in the California marketplace.
8 Questions To Sellers 8 Questions You Most Likely Will Be Asked When Selling Your Small Business

When selling your small business, you'll be bombarded with questions - from the brilliant to the ridiculous. You need to be prepared. Here are some of the key questions you can expect to be asked. Tim Cunha (SF Bay Area Business Broker) reviews many of these possible questions from potential buyers.
Unreported Income Claims By Sellers Unreported Income Claims By The Seller - What Should A Business Buyer Do?

One of the most difficult challenges when purchasing a small business is expressed by this prospective buyer of a liquor store who is told by the seller that there is more money being made than shows up on the books. Should the buyer accept that statement by the seller & go ahead with the purchase?
Appealing To Restaurant Buyers During COVID Tips On Selling A Restaurant: Appealing To Restaurant Buyers During COVID-19

ProIntermediary, Joe Ranieri (Business Broker) shares what buyers are looking for in this unprecedented market. COVID-19 has made curb appeal more important than ever when selling a restaurant. Sellers still have the power to attract buyers in this market with focus of a few key requirements.
Great Questions To Ask A Seller As A Business Buyer What Questions Should I Ask The Owner, Seller Or Broker?

Asking the seller straightforward questions and getting straightforward answers in return is an important part of the buying and due diligence process. In this Discussion, both ProIntermediaries and Advisors offer thorough questions you should be asking during your meeting with a business seller.