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Minnesota business formation thriving among seniors

Gone are the days of retiring to rocking chairs and crossword puzzles. Baby boomers are becoming the new faces of the business world. Reportedly, of those who continue to work past the age of 65, almost 20 percent of them are self-employed. In Minnesota and across the country, business formation among retirees seems to be growing faster than among any other demographic.

The success older men and women are finding in the marketplace is due to a number of factors. Most people have gained a wealth of experience in their lifetimes, and those areas of expertise bring unique perspectives to business plans. In many cases, those years of experience have also helped boomers establish a rich network of potential clients and customers through social, business and personal relationships. Boomers are also living longer, healthier lives, often enabling them to be productive for up to 20 years or more past the traditional age of retirement.

Why would someone choose to start a business after a lifetime of working? While each person may have his or her own answer, one common reason is that entrepreneurship is a lifelong dream they are finally able to achieve. Others may also admit that their pension is not going to meet their needs, and starting a business is a way to supplement their income. Some simply cite the fact that they want to stay active and productive after retirement.

The Kauffman Index of Startup Activity reports an 11 percent increase in business startups among people ages 55 to 64 in the past year. Some feel these newly motivated retirees will provide a much needed economic renewal in the country. Minnesota baby boomers seem to be making their share of business formation, working closely with experienced attorneys to ensure that their businesses have the maximum opportunity for success.

Source: Forbes, "The Boom In Boomer Entrepreneurs: Why Older Workers Are Finding Entrepreneurial Success ... Or Not", Michele Markey, June 30, 2016

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