We all know that veteran employee who has an encyclopedic knowledge of an industry, or has handled so many complex transactions that he can guide you through the process effortlessly. Well, that employee and about 9,999 of his or her cohorts likely are retiring each day. Baby Boomers, who make up 79 million veteran employees across the American workforce, are reaching the age of 65 at a clip of 10,000 per day, according to the Pew Research Center.
If you flip through the pages of the latest business magazine or read the online headlines you might be under the impression that twenty-somethings are leading a surge in entrepreneurship while baby boomers settle for more traditional business roles. The reverse is actually true. As Dane Stangler of the Kauffman Foundation noted in testimony before the U.S. Senate last year, “Americans in the 55-64 age group start new businesses at a higher rate than those in their 20s and 30s. This has been true, by the way, in every single year from 1996 to 2013.”