Opportunity Knocks....for us young entrepreneurs

Us entrepreneurs love flipping a negative into a positive....how's this one....

61% of family business owners intend to retire within 10 years, research by Deakin Uni for Family Business Australia and KPMG shows. Most of the ageing business owners would like to hand their businesses to the next generation, with 60% describing this as their exit plan. But whether the owners will achieve the exit of their choice with fewer family members of the next generation showing interest, is an open question.

I see this as a great opportunity for us young entrepreneurs. If these businesses cant find someone in the family to take over, we can put our hands up. Taking over an already established business has many benefits like immediate cashflow, established clients, structure and logtistics in place, compared with starting from scratch. Of course you need to do your research and ensure its a great business for you, a perfect fit! And it could require some capital to purchase the business. But.....put that entrepreneurial hat on....perhaps you work for the business for a while, gain experience under the people who started the organisation, learn, learn and learn some more, and then you will become the succession plan!

So have a look around, are there any family businesses in your area that may be looking to hand over the controls.....to you???!!!!