08 Dec Now is the Time to Develop a Generational Strategy
No doubt every person is an individual and must be treated as such. Business brokers and M&A advisors must keep this fact in mind in order to have success with buyers and sellers alike. Yet, with that stated, it is also important to remember that everyone has been shaped and molded, at least to some extent, by the times in which they lived their formative years.
In last week’s BBP webinar entitled “Generational Strategies for Engagement,” we met with Chuck Underwood. Underwood is considered to be the leading authority on how the different generations communicate. He is the author of “America’s Generations: in the Workplace, Marketplace and Living Room” and host of PBS’s long running and successful program, “America’s Generations with Chuck Underwood.” Understood has spent 25+ years researching and writing on generational dynamics and has consulted hundreds of clients on generational strategy.
Understanding generational dynamics and then developing an overarching generational strategy is a must. But the fact is that, like everyone else, you only have so many hours in a given day. But as you go about your business activities, is important to remember that every single buyer, seller and business professional that you interact with is part of a generation.
According to Underwood, people’s formative years (in particular the years before they leave school) have a long term and often profound impact on not just their behavior and mannerisms, but more importantly, how they see the world.
Generational differences are real and they matter. Business brokers and M&A advisors who are looking to have an edge over the competition and attract and retain more clients will want to invest the time necessary to not just understand generational differences and develop a plan, but also to integrate an awareness of generational differences into everything they do.
You have to “sell yourself” to a seller before any progress can be made. Understanding the optimal way to approach the different generations is a huge step in that direction. As Underwood notes, for the first time in U.S. history, there are five generations. Soon there will be a sixth generation.
More than any other time in history, now is the time to take generational differences into account. In our next article, we’ll explore some of the steps you can take to optimize how you interact with different generations for maximum benefit.
