Madison has a lot of baby boomer business owners and leaders nearing retirement. Are they ready for the transition, and have they set up their organization for the next phase?s to make the remote-work experience productive and engaging — for employees and the organization.
On average, 10,000 baby boomers reach retirement age every day in the U.S., a trend that is expected to continue into the 2030s. Despite being a college town, Madison is not immune from this silver tsunami.
In Madison, 50.42% of business owners are over the age of 55 and 20.64% of those owners have no documented transition plan, according to research from Ready for Next Cities (RFN Cities), a preparedness and business retention program. That fact alone leaves Madison poorly positioned for the impending flood of retiring baby boomer business owners, based on RFN Cities’ disruption risk assessment.