: Starting a business with your dad? Retirees and adult children are teaming up.

by | Jan 7, 2023 | Stock Market

What image comes to mind when you hear the term “family business?” A company in its second and third generation of family leadership? (Perhaps the fictional John Dutton, the seventh-generation owner of the Dutton Ranch in the television show “Yellowstone,” comes to mind.) Yet there is another kind of family business emerging with the demographics of an aging population. Older parents late in their careers or in the traditional retirement years going into business with their adult children. 

Multigenerational startups are among the more exciting entrepreneurial trends in the American society. “These intergenerational pairings are energizing and, to me, represent a great blueprint for future success,” writes Kerry Hannon in “Never Too Old To Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life.” Read: U.S. adds robust 223,000 jobs in December. Wage growth slows in sign of ebbing inflation pressures. These intergenerational startups are part of a much larger economic and social shift with the aging of the population: The rise of 50-plus entrepreneurs, including small-business owners, the self-employed, and solopreneurs. The Kaufman Foundation, an organization that focuses on entrepreneurship, reports that there has been notable growth in older entrepreneurs over the past quarter-century. In 1996, nearly 15% of entrepreneurs were 55-to-64 years old compared to almost 23% in 2021—a 53% increase. Self-employment increases with age, too, particularly among workers 65 years an …

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