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  • Answer Upon - Nine Questions About Baby Boomer Retirement That Your Company Must Answer

    How to Plan Your Business Exit Strategy
    You started your business with dreams of making millions. When the time comes to sell your business, you will want to keep as many of those after tax dollars as you possibly can in exchange for your blood, sweat and tears. Advance planning can make a big difference in the amount you pocket after the sale of your business.Consider this. Under prevailing tax rates, Owner A sells a business for $1 million in cash and nets $800,000 in after tax proceeds. Owner B also sells his/her business for $1 million in cash, yet only nets $500,000 (or less) in after tax proceeds. The difference in the cash you keep has everything to do with the form of ownership and elective tax status, the nature of the transaction, and the tax structuring that you and the buyer agree upon.One hundred percent of all businesses will experience a change of ownership. In some cases, this change will be involuntary and take the form of a bankruptcy or closure. However,
    easing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? Th

    Why are You Afraid of Success in Modeling? A Question of Self Confidence
    Self Confidence -- Fact or Myth?OK, you are ready to contact your very first model agency -- or are you? You look through the pages of agents listed on the Internet to find just that right one in your area to contact; or maybe you are going for the big-time in New York City!It doesn't matter. The lump in your throat just got bigger and you are turning pale with fear of hearing that awful word ,,, NO!!Now, before you stop reading and say; "This guy is not only negative but he is reminding me of what I feel.", just remember that these feelings are perfectly normal.Self confidence more important than attractiveness ? More important than ability?I believe it is. In all reality, self confidence is attractiveness. No matter how pretty you are your chances of becoming a model are slim if you are not confident enough to make the contacts. So, being a sexy and attractive model is not enough, believing in yourself is key!Even super-successful
    The Baby Boomers are the members of the generation born between 1946 and 1964. At 79 million people, they're the largest US generation in history. The oldest Boomers will turn 65 in 2011 and many of them may choose head for the exits.

    Can you answer these questions about Baby Boomer retirements at your company? The first five are about raw numbers

    How many people at your company are eligible to retire in each of the next ten years?

    The odds are good that not everyone who is eligible to retire will do so. But it's a good idea to consider how many people could leave at a moment's notice and when they're eligible to do so.

    How many of your senior managers are in that group?

    Senior managers have mission critical knowledge and experience. When they leave, they take it all with them, unless you've created alternatives for them to stay on, or work as a consultant.

    Review your succession planning. Identify the less experienced managers that are best qualified to move up. Help them with personal and career development, especially growth assignments, so they're ready when their time comes.

    How many of your key technicians and craft workers are in that group?

    We're talking here about the kind of hands-on technical work that it's hard to outsource or offshore. Many of the pipelines for technicians and craft workers have been slowly drying up over the last couple of decades. Union apprentice programs have been hit especially hard.

    How many of your first line supervisors are in that group?

    Your front line bosses have more impact on morale and productivity than any other group of people in your company. Make sure you're ready to replace retiring supervisors with qualified new supervisors who'll get the benefit of solid supervisory skills training.

    How many of your knowledge connectors are in that group?

    Knowledge connectors are vital to your operations, but they don't have that title on any organizational chart. Knowledge connectors are the people other people call for help because they're experts or because they know how to find people or knowledge to help solve problems. You can do a social network analysis to find out who they are, or just ask around.

    I call the problem the "Boomer Brain Drain" because of the loss of knowledge and experience when Boomers retire. If you've answered the questions above, you have an idea how big a threat this is to your company and you can start to work on responses. The next four questions deal with different kinds of responses to the potential Boomer Brain Drain.

    What human resources measures are you or will you use to meet the challenges of Boomer Brain Drain?

    Human Resources (HR) responses to the challenges of the Boomer Brain Drain include everything you do to modify your recruiting, training, retention and succession planning. They also include changes to policies and procedures and may include union negotiations.

    Since Boomers may be starting to flow out the back door, it's logical to plan on increasing the flow of recruits in the front door. It's logical, but it's dangerous.

    Generation X is the generation next in line behind the Baby Boom. It's only about half the size of the Baby Boom generation, so you've got a smaller pool to draw from. You can't count on simply increasing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? Thi

    Want Success For Your Fundraising Idea? Use These Steps
    First, the program has to be easy to understand. Those who would demonstrate the program not only have to be trained, but they have to demonstrate the program with ease. A program should not be complicated when the main objective is to gain positve revenue results. The better the prospect understands, the better the likelihood that the product will be sold.Second, profitability. Any program, wheather its a food drive, Girl Scouts, or casino night at the local church, they are in the "business" to make money. Their is one other dimension here, their has to be a fast turnaround in revenue earning. Not many programs realize a fast turnaround in their sales objectives. Some programs may take anywhere from 6 months to a year maybe more. It all depends upon the marketing mix of production, packaging, pricing, and the most important promotion. The program chosen also plays a factor.Third, salable. Uniqueness is good in a product, but the true test of a product is its
    d alternatives for them to stay on, or work as a consultant.

    Review your succession planning. Identify the less experienced managers that are best qualified to move up. Help them with personal and career development, especially growth assignments, so they're ready when their time comes.

    How many of your key technicians and craft workers are in that group?

    We're talking here about the kind of hands-on technical work that it's hard to outsource or offshore. Many of the pipelines for technicians and craft workers have been slowly drying up over the last couple of decades. Union apprentice programs have been hit especially hard.

    How many of your first line supervisors are in that group?

    Your front line bosses have more impact on morale and productivity than any other group of people in your company. Make sure you're ready to replace retiring supervisors with qualified new supervisors who'll get the benefit of solid supervisory skills training.

    How many of your knowledge connectors are in that group?

    Knowledge connectors are vital to your operations, but they don't have that title on any organizational chart. Knowledge connectors are the people other people call for help because they're experts or because they know how to find people or knowledge to help solve problems. You can do a social network analysis to find out who they are, or just ask around.

    I call the problem the "Boomer Brain Drain" because of the loss of knowledge and experience when Boomers retire. If you've answered the questions above, you have an idea how big a threat this is to your company and you can start to work on responses. The next four questions deal with different kinds of responses to the potential Boomer Brain Drain.

    What human resources measures are you or will you use to meet the challenges of Boomer Brain Drain?

    Human Resources (HR) responses to the challenges of the Boomer Brain Drain include everything you do to modify your recruiting, training, retention and succession planning. They also include changes to policies and procedures and may include union negotiations.

    Since Boomers may be starting to flow out the back door, it's logical to plan on increasing the flow of recruits in the front door. It's logical, but it's dangerous.

    Generation X is the generation next in line behind the Baby Boom. It's only about half the size of the Baby Boom generation, so you've got a smaller pool to draw from. You can't count on simply increasing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? Th

    Offshore Incorporation
    Offshore incorporations mean anonymity, no or limited liability, high tax exemptions and revenue benefits and asset protection. If you deal in a business that faces too many hassles under your domestic jurisdiction then offshore incorporation under a favorable jurisdiction can be quite fruitful. Many countries have more flexible and lenient business legislation. Therefore incorporating your business online under these legislations takes off a number of legal hassles from your head.Many offshore incorporations involve reduced incorporation and other services fees. This difference is covered through management fees that they collect over investment funds that you deposit with them. Offshore incorporations are invariably technology-based. If you incorporate with the right kind of offshore company, you can amalgamate new age technology with the traditional customer care and personal customer attention. The services can be fat and efficient, and involve services from exper
    ake sure you're ready to replace retiring supervisors with qualified new supervisors who'll get the benefit of solid supervisory skills training.

    How many of your knowledge connectors are in that group?

    Knowledge connectors are vital to your operations, but they don't have that title on any organizational chart. Knowledge connectors are the people other people call for help because they're experts or because they know how to find people or knowledge to help solve problems. You can do a social network analysis to find out who they are, or just ask around.

    I call the problem the "Boomer Brain Drain" because of the loss of knowledge and experience when Boomers retire. If you've answered the questions above, you have an idea how big a threat this is to your company and you can start to work on responses. The next four questions deal with different kinds of responses to the potential Boomer Brain Drain.

    What human resources measures are you or will you use to meet the challenges of Boomer Brain Drain?

    Human Resources (HR) responses to the challenges of the Boomer Brain Drain include everything you do to modify your recruiting, training, retention and succession planning. They also include changes to policies and procedures and may include union negotiations.

    Since Boomers may be starting to flow out the back door, it's logical to plan on increasing the flow of recruits in the front door. It's logical, but it's dangerous.

    Generation X is the generation next in line behind the Baby Boom. It's only about half the size of the Baby Boom generation, so you've got a smaller pool to draw from. You can't count on simply increasing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? Th

    Financial Gain is a Consequence of Stellar Performance
    In today’s business world, the pressure for financial performance has created a supercharged atmosphere in which the only goal seems to be to make as much cash as fast as possible. Few industries have changed under this pressure as much as the advertising industry.Industry professionals are caught in a crossfire between clients who demand ever increasing return on investment (which generally means lower price) and their own managers who seek ever escalating revenues. Today fewer people are doing more work than ever before and earning less. The resulting pressure has taken a lot of the fun out of a business that was traditionally focused on delivering big ideas and powerful solutions.The problem has been exacerbated over the last fifteen years as the ad agency business has gone public. Estimates vary, yet most agree that over ? of the U.S. advertising billings roll up to eight publicly traded agency holding companies. During the ‘90s, these financial enterprises
    our questions deal with different kinds of responses to the potential Boomer Brain Drain.

    What human resources measures are you or will you use to meet the challenges of Boomer Brain Drain?

    Human Resources (HR) responses to the challenges of the Boomer Brain Drain include everything you do to modify your recruiting, training, retention and succession planning. They also include changes to policies and procedures and may include union negotiations.

    Since Boomers may be starting to flow out the back door, it's logical to plan on increasing the flow of recruits in the front door. It's logical, but it's dangerous.

    Generation X is the generation next in line behind the Baby Boom. It's only about half the size of the Baby Boom generation, so you've got a smaller pool to draw from. You can't count on simply increasing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? Th

    Your Small Business Name -- Important?
    You bet a name is important. Many small business owners try to come up with a clever name for their business rather than one that explains what they do. And, nine times out of ten, that is a mistake. Your business name should give your prospects some idea of what your business is about.One of the most useful processes you can use to come up with a good name is to turn it around. Rather than looking at the name from your perspective, approach it from your prospect's perspective.1. Identify your target market. Be specific. What are their wants and needs? Specific gender? How big are they? Do they make a certain amount of revenue? What do they look like? Draw a picture of your prospect.2. Why should they do business with you? What are the benefits? What makes you different from all the other businesses in your industry?Based on your answers to 1 and 2 above, brainstorm a list of words that could potentially turn into a company name. Now try putting t
    easing recruiting to fill the spots left by retiring Boomers.

    Several companies are investigating tactics such as having people return to work after retirement or stay at work past their official retirement date. There's some evidence that this will work since studies by financial services companies tell us that Baby Boomers don't have a lot put back for retirement.

    Older workers are great hires in lots of ways. Their turnover rate is lower than that of younger workers. When CVS compared their older workers to younger workers, they found that older workers are far less likely to call in sick.

    If you choose some set of retire late/come back after retirement solutions, there are issues to consider. Start with your current pension and retirement policies. Can Boomers continue to work without losing benefits? This may be something you need to have a dialogue with your unions about.

    You may also need to modify your policies and procedures for part-time work. Retired Boomers may want a different kind of flextime than younger workers. They might prefer the ability to take more time off, to accommodate medical appointments and visits to children.

    Analyze your corporate culture. Do you see older workers as contributing members of the workforce, or do you see them as workers with their eyes on retirement and one foot out the door? Do you provide training to older workers the same as you do to younger one?

    You should also think about how you'll need to change your work processes to make them friendlier to older workers at the same time as you find ways to get more productivity out of fewer workers.

    How will you change or adjust your business processes to meet the challenges of Boomer Brain Drain?

    Older workers may be great workers, but they tend to have more physical limitations than younger workers. You may have to modify either processes or equipment so they're older-worker-friendly. You'll be in good company. Toyota has been doing this for some time.

    Make sure, for example, that the gauges on equipment are easy to read. If instructions are conveyed orally in a workplace, make sure they're loud enough for older workers to hear.

    You can also make changes to business processes that make Boomer retirement irrelevant. If you eliminate some specialized equipment or standardize on fewer kinds of equipment, you may be able to increase your scheduling flexibility and handle more equipment with fewer workers. You can also use technology to capture the knowledge of experienced workers so that it's available to younger workers.

    How will you use technology to meet the challenges of Boomer Brain Drain?

    Knowledge management technology is often touted as the way to capture Boomer knowledge and put it to use. In reality, most of the knowledge that Boomers, like other workers, have is in their heads and will go out the door with them. But you can still do some things to capture important knowledge if you start now.

    Consider job-shadowing as a knowledge transfer tool. Think about investing in people to chart and document processes that do not currently have formal documentation.

    Use simple technological tools, such as electronic discussion groups to capture "shoptalk" and the knowledge that only comes with time on the job. Use social network analysis to identify which people get contacted to solve specific problems.

    There are three rules to follow in using technology to capture knowledge. The first is that a tool that no one will use, because it's too complex or time-consuming, is a useless tool. The second is that culture always trumps technology. Rule number three is that technology that adapts to human habits works better than technology that demands that humans change the way they work.

    Have you conducted a "Threat Assessment" to give you an idea of where you need to concentrate your efforts?

    Before you move on to planning for Boomer retirements, take the time to do an accurate Threat Assessment. It will make your efforts more productive in the long run.

    Assess every position in your organization. Determine when the person in tha

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