Job ads on a notice board: Small businesses urged to look for young people
Source: Herald Sun

BABY boomers stuck with businesses they can’t offload have been urged to recruit a Gen Xer to breathe new life into the business.

The latest BizExchange Index shows that the number of smaller businesses listed for sale has plummeted as owners hang on rather than sell them at bargain basement prices.

“It depends on what the nature of the business is but if they get a younger person in they may be able to help the business,” BizExchange chairman David Bird said.

“Younger people bring in a new attitude. They skin the rabbit a different way and may have some suggestions about growing the business.”

He said Gen Xers would not have access to finance but joining the business could give them an opportunity to take equity and eventually ownership.

But Mr Bird suggested business owners give Gen Ys a wide berth. “They want to be the chairman or managing director straight away. Their parents have spoilt them too much,” he said.

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Mr Bird said small business owners held off listing businesses for sale in the December quarter, hoping for good Christmas sales. “Micro business owners looking to sell may be surprised by how little their business is worth,” he said.

“Banks are sitting there waiting to see if they could make some sort of recovery and get rid of a bit of stock but it has been very quiet.”

He said on the upside the values of larger, well run businesses, worth between $3 million and $5 million, were firming.

Mr Bird said interest from Chinese to own Australian businesses was on the rise.