Succession Planning: Your Company’s Future Depends on It
Succession planning is something every leader and organization talks about. On some level, every business owner knows that they need to have a succession process in place, yet very little attention is actually paid to developing a strong plan and implementing it. With an entire generation of Baby Boomer leaders looking towards their retirement, succession planning is becoming increasingly important to today’s business world.
Entering The Retirement Red Zone
In the NFL, the term “Red Zone” has come to mean that portion of the field between the 20 yard line and the goal line. Offenses and defenses are routinely measured by their effectiveness in this area.
When applied to the retirement conundrum, the term “Red Zone” has come to mean that part of your investment life that begins 5 years prior to actual retirement and last until 5 years after your retirement date. Your performance when you are in this Red Zone will largely dictate the ability of your investment resources to carry you through your retirement in the lifestyle that you desire.
Millenial Generation And The Baby Boomers
Having read some books on generation gap issues, and having had a couple of classes on the 4 different generations, it seems that it is a lot like studying different cultures. Understanding another culture starts with understanding our own culture and values first, and then comparing it with the other culture and seeing the difference. Of course, the characteristics presented here are some general tendencies, and may not represent every person. Not all Baby Boomers, Generation X, or Millenials are cut from a cookie-cutter mold, but many similar values and perspectives exist within each generation that can be condensed and used as a starting point for understanding.
Baby Boomers Demands For A Healthier Life Are Changing Health Care
As the baby boomers turn sixty over the next 18 years, how will they manage their health care compared to their parents? Ahead of them is a longer life expectancy than their parents, and with it, the time to do more. The key of course, is staying healthy to do what they want.
According to the U.S. Centers for Disease Control, those who are alive today can expect to live well into their 80’s. Those in better health than the average boomer can add 15 years to that and have a very good chance of seeing their whole family together for their 100th birthday. Some will celebrate their 120th birthday. But, there is a major difference between celebrating a 120th birthday and simply still being alive. It is a given that being healthy is preferable to simply still being alive. But how does one accomplish that?