We have written before regarding how franchises are planning for the coming generational turn-over that will accompany the retirement of the Baby Boom generation. But what about young franchise leaders? Do they have the "chops" to be leaders in the franchise industry?
Cheryl Conner, writing recently in Forbes Magazine, argues that the answer is an emphatic "Yes!" Ms. Conner noted that young executive teams bring a unique focus to issues confronting businesses. Specifically, she found that young executive teams:
- Grew up in a Start Up culture that values innovation. That culture makes them less adverse to experimenting with new ideas and implementing those that look promising.
- Are Tech Savvy. Given that young executives are immersed in the world of social media and online advertising, turning to those avenues when building their businesses is second nature.
- Intuitively respond to a Horizontal Organizational Structure. Because they are less tied to the top-down structures of the past, young leaders tend to be more collaborative and value the success of teams, as opposed to individuals.
Perhaps counter-intuitively, Conner noted the success of young executives through the success of one company operating in the in-home senior care space. What are your thoughts on the potential advantages and disadvantages of younger executive teams?