What Will You Do When the Boomers Retire?

Brief discussion regarding what experienced entrepreneurs are doing about the exodus of the boomers from the traditional work world & how one entrepreneur deals with it

The gross majority of the working population is nearing retirement (within the next 10 years, most experts predict, if all in the legislation-game stays the same). Large corporations, smaller businesses and experienced entrepreneurs will be hit equally hard, with few options available to recoup the expertise with other generations (such as my own, 30-something peers).

To deal with the upcoming exodus, Governing Magazine reported in their February 2006 edition that some companies are conducting "knowledge mapping" exercises, where employees state who they go to for specific pieces of information. Supposedly, this is an indicator of what gaps in service will need to be filled in addition to the position responsibilities, although some staff members are concerned instead that this reporting process may unintentionally weed out the people who aren't as gung-ho socially as others.

Although I freely admit that experience is a lovely addition to my business, most of the people I've employed or contract work out to over the years haven't been the boomers. Instead, single moms of my generation have been the largest recipients of work, with the under 25's comprising most of the remainder.

When I have worked positively and professionally with anyone in the boomer generation, it has been in a purely consultative or educational role. In my experience, the ties I've made to my parents' generation (from a business perspective, anyway) are useful and not easily found elsewhere - but - I'm sure that if I poked around the Internet, read a couple more books or took it upon myself to become the "expert" instead that the gaps in knowledge and experience would be covered quite nicely.

Is this somewhat disrespectful? Yes. I should be revering my elders, learning from their mistakes, sopping up their methods of doing business. But in a way, I find the 'retiring after 35 years of good service with a gold watch' world more historically-based than reality. And really, is doing the same thing for 35 years even healthy? I know I'd go crazy if there weren't some variety in my day-to-day activities - but again, this may be more indicative of my generation than me as an individual.