Employing All Those 50 Plus

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We have a growing number of 50-65 year old stuck in a state of permanent unemployment and permanently underemployment.  Moreover, instead of being contributors to society these Americans are now becoming takers, placing a strain on an already overburden entitlements program and public resources.

 

At the same time we literally have millions of small businesses trying to successfully grow and expand but often lack the training, talent, understanding and motivation to do so.  The SBA runs SCORE, a group of retired executives that volunteer time but I have found they are more geared and catering towards start ups or those thinking of starting a business.  The next level is the established small business owner really that needs paid professional assistance beyond having coffee a couple of times with a volunteer.

 

However, the only real help out there will not deal with small business because the revenue base isn't there.  What's left are scams looking to bilk the small business owner for thousands and leave little in return.

 

What I'd like to see are clearinghouses set up that would employ older workers that small business could use to engage professionals for affordable fees (hourly rates of $50 to $100 compared to traditional fees of $200 to $500) and on a limited basis.  Typically 5 to 10 hours a week with an engagement to last six to twelve months with no long term contracts.  Small business owners might be very good at what they do but too often lack management, financial, sales and marketing skills to move their company beyond a few million dollars a year in revenue.  Some of them also need an old fashion kick in the ass in regards to being better managers, holding subordinates accountable for results and controlling revenues and expenses.  Small business owners often could use a COO/CFO type the just do not have the sales and profits yet to afford another six figure salary.

 

Business advisors would rotate depending upon their background and the needs of the business. This puts our older professionals back to work and would reduce the increase in early death and substance abuse.  It's out of the box thinking for a problem that is only growing worse and this solution solves the issue of small business owners that need outside help but often do not know where to turn and who to trust.

Comments

Jeffry Gilbert Added Apr 4, 2017 - 3:34am
Good idea. Write a business plan and post it along with a video on Patreon. 
Jeff Jackson Added Apr 4, 2017 - 1:10pm
I think that sounds like a great idea. I recently saw an ad for a firm on the internet where you can do extra work, or side work. The ad seemed like it was geared more towards professionals who just wanted to pick up a few dollars for some side work, not like cleaning out someone's basement. But yes, George write a business plan, and get those Excel spreadsheets ready! 
Dino Manalis Added Apr 4, 2017 - 1:42pm
We need a much stronger economy with pro-growth policies, including business tax cuts and a territorial tax, because the official unemployment rate doesn't represent actual unemployment and underemployment.  People over fifty should be respected and possess the knowledge and experience employers need!
Tamara Wilhite Added Apr 4, 2017 - 1:53pm
If there was truly a labor shortage, you wouldn't see workers kicked out when their earnings peak in their 40s and 50s.
This is why we need to stop the H1B visa that leads to mid-career tech workers kicked out to be replaced by lower cost imported talent. This is similar but separate from the need to stop illegal and legal immigration of low skill labor that keeps employment rates low and wages stagnant for unskilled labor.
Richard Plank Added Apr 4, 2017 - 2:52pm
Great idea George; the only fly in the ointment is how to make it work with minimal transaction costs.  God knows the government would maximize transaction costs.  So I guess we need to think out of the box in how one would get paid for this.  Can you take 10% of the fee and make the wheels turn?  What is the BE?  Interesting project to put some students on.
George N Romey Added Apr 4, 2017 - 4:13pm
I'll have a post coming on what I found out today about HB1 Visas.
Doug Plumb Added Apr 4, 2017 - 5:39pm
Very very good idea.
Mircea Negres Added Apr 5, 2017 - 4:46am
Great idea. I would add to it if a business can't afford six figure salaries just yet, then offer shares to employees. As for people between 50 and 65, that's where the bulk of experience and knowledge rests, not in the latest idiot to graduate from an Ivy League "leveraged buyout and how to drive companies into the ground 101" school.
Bill Kamps Added Apr 7, 2017 - 1:57pm
George, these sound like the bad part time jobs, that you dont like.
 
Who will run the clearinghouse ? the government ?
 
Generally these are called business consultants, and I know several that work this as a living and a business. 
 
Seriously its not a bad idea on the face of it, but like a lot of things implementation will be iffy.