{"id":7460,"date":"2019-04-28T07:27:46","date_gmt":"2019-04-28T11:27:46","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=7460"},"modified":"2019-04-28T07:27:54","modified_gmt":"2019-04-28T11:27:54","slug":"matchmaker-matchmaker","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=7460","title":{"rendered":"Matchmaker, Matchmaker"},"content":{"rendered":"\n
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Jim Sugarman and daughter, Samantha, present a check to Christian Dooley, co-founder of PocketChange.social<\/figcaption><\/figure>\n\n\n\n
When a midlife entrepreneur launches a business with his or her adult child or with a twentysomething or thirtysomething co-founder, it\u2019s often a winning recipe.

These intergenerational pairings are frequently energizing and, based on what I learned writing my forthcoming book with Next Avenue,\u00a0Never Too Old to Get Rich: The Entrepreneur\u2019s Guide to Starting a Business Mid-Life<\/em>,<\/a>\u00a0represent a great blueprint for success.

So I was delighted to learn about what Jim Sugarman (a boomer) and his daughter, Samantha (a millennial), are doing to play matchmaker for prospective intergenerational partnerships with their nonprofit enterprise,\u00a04GenNow,<\/a>\u00a0and to connect them with potential funders.

The Advantages of Older\/Younger Co-Founder Teams<\/strong>

Here\u2019s what I love about this kind of startup synergy: The\u00a0older partner<\/a>\u00a0can bring decades of experience, potential clients or customers and possibly capital while the younger one can deliver the ambition of someone in the early stages of a career, plus an eagerness to try new ways of doing things. Frequently, the younger partner is especially tech savvy, too. OneClick.chat<\/a>\u00a0is a perfect example of this kind of partnership, according to Jim Sugarman. Co-founders of the web-based video chat startup, Dillon Myers and Alan Gibson, graduated from Washington and Lee University \u2014 in 2014 and 1970, respectively. The Sugarmans launched their intergenerational matching and advising service in 2016, and it has steadily gained traction in building a roster of interested entrepreneurs across all ages.

The 4GenNow\u00a0LinkedIn community\u00a0<\/a>now has 900 Gen Z, millennial, Gen X and boomer entrepreneurs in 35 states and 23 countries. Last year, it held a Summit and Angel Accelerator events in Denver.

How the 4GenNow Process Works<\/strong>

They hope to start pairing several teams of older and\u00a0younger entrepreneurs<\/a>\u00a0later this year, using the database they\u2019ve amassed of prospects.There are\u00a010 steps<\/a>\u00a0in the 4GenNow process.

Things kick off with a free online survey and a one-hour complimentary phone session to review an individual\u2019s passion, personal characteristics and what he or she is looking for in a partner. That\u2019s followed by creating a match, help preparing a video and pitch deck and finally, orchestrating a virtual pitch to an angel investor with the goal of securing funding.

Read on Next Avenue<\/strong><\/a>

The Sugarmans charge an upfront fee of $495. If an intergenerational match isn\u2019t made in six months, they provide a full refund. Jim Sugarman, a serial entrepreneur himself, has hopscotched from failures to success. But his one big achievement was a business he co-founded with a decades-younger partner. Hence, the impetus for the entrepreneurial match-making service. But he was also spurred on by an examination of the state of\u00a0entrepreneurship in America<\/a>\u00a0these days.

\u201cThe truth is that while the number of business startups has risen in recent years, it is far below pre-Great Recession levels,\u201d he says. \u201cThere are\u00a0too few startups<\/a>\u00a0\u2014 and far\u00a0too many fail<\/a>\u00a0\u2014 most within five years.\u201dCompelled to help solve that problem, Sugarman reached out to Samantha, then studying for a business degree from Northeastern University. He asked for her input on the concept of\u00a0intergenerational partnerships<\/a>.\u201cShe embraced the idea and wanted to work with me to develop it. Our goal is not just to create more startups, but to set them up to succeed over the long run,\u201d he says.

Prime Qualities of Each Generation<\/strong>

Each generation brings its own special sauce to a partnership, according to Sugarman, who credits Amy Lynch of\u00a0Generational Edge<\/a>\u00a0for parsing out some of the qualities different generations typically embody.

Boomers <\/strong>(born between 1946 and 1964), he says, tend to be workaholics and get the job done. \u201cWe have that drive and passion,\u201d Sugarman says.

Gen X ers<\/strong> (born between 1965 and 1976) are often pragmatic and efficient, focused on results.

Millennials <\/strong>(1977 to 1995) tend to be optimistic, work fast and are digital collaborators.

Gen Z<\/strong> (born in 1996 or later) tends to be practical and resilient, with a \u201cwe can fix this\u201d attitude.

\u201cThe key is to figure out how a startup can harness and leverage the unique skills sets of each,\u201d Jim Sugarman says.

Communication styles are often the main stumbling block to intergenerational pairings, he notes. \u201cCommunication was a hurdle for Sammy and me. I wanted to get together face-to-face or on the phone and she would say, \u2018No need, dad, just text me.\u2019 That took some time,\u201d says Jim Sugarman.

His daughter agrees. \u201cA successful partnership is absolutely coming from a place of wanting to understand a different perspective,\u201d Samantha Sugarman says. \u201cBeing a great communicator \u2014 knowing when to listen, when is the appropriate time to speak and doing one\u2019s best to understand another point a view \u2014 goes beyond age. But it\u2019s especially important when it comes to bringing different generations together and understanding one\u2019s strengths and weaknesses.\u201d

‘Intergenerational Potluck\u2019<\/strong>

Jim Sugarman tips his hat to \u201cmodern elder\u201d\u00a0Chip Conley<\/a>, an entrepreneur and strategic adviser for Airbnb, who writes in his excellent book\u00a0Wisdom at Work: The Making of a Modern Elder<\/a>\u00a0<\/em>about the idea that when older and younger workers collaborate, everyone benefits. Conley calls it \u201cintergenerational potluck.\u201d

Says Jim Sugarman: \u201cEach generation brings what they do best for the benefit of all.\u201dThat sometimes means thinking differently.\u201cEspecially among boomers, we have to change our mindset,\u201d Jim Sugarman says. \u201cIf you\u2019re going to have a co-founder and build a business, you have to give, you have to be open, you don\u2019t know it all.\u201d

Possible Stumbling Block for Boomers<\/strong>

Ego can be a big stumbling block for boomers, he has found. \u201cIt makes make them uncomfortable when someone younger questions them,\u201d Jim Sugarman says. The older prospective entrepreneur, he adds, may think: \u201cOh my gosh, look what I have done and what I have accomplished and who I am.\u201d

For Samantha Sugarman, a perk of her collaboration with her father is \u201cseeing we are the guinea pigs for what we\u2019re doing,\u201d she says. \u201cCommunication is key. Respect is of the utmost importance. That\u2019s my spiel.\u201dIf you\u2019d be interesting in having the Sugarmans match you with a prospective entrepreneur from a different generation, complete the 4GenNow free, short intergenerational co-founder survey\u00a0here<\/a>.

And here\u2019s a sneak peek of my six steps to a positive older-younger pairing from my upcoming book:

My 6 Steps to a Positive Older-Younger Pairing<\/strong>

1. Practice patience.<\/strong>\u00a0Take the time to teach your younger partner the ropes. Things that may seem natural to you may not be obvious to someone newly arrived in the working world.

2. Open the lines of communication.<\/strong>\u00a0As with any partnership, communication is the key. You must have regular daily meetings with transparency. Honesty is the core to a good partnership.

3. Divvy up chores.<\/strong>\u00a0Delegating tasks makes this a true partnership, so create a clear division of responsibilities that will tap into both partners\u2019 strengths.

4. Ramp up education.<\/strong>\u00a0Look for career-building education opportunities for your junior partner, so he or she can advance skills. You should also stay afoot of trends in your industry and beyond; don\u2019t neglect your own lifelong learning.

5. Manage client relationships<\/strong>. You may need to play the grownup in the partnership with customers who aren\u2019t hip to the dynamic duo. Be clear with your partner when and if this is necessary if someone is reluctant to deal exclusively with your younger co-founder.

6. Be a\u00a0mentor\u00a0<\/a>and a mentee.<\/strong>\u00a0Yes, this is a partnership, but you can\u2019t avoid taking on the role of mentor, and you shouldn\u2019t. Make yourself available to teach and transfer your knowledge to your younger partner. In reverse, you should be open to receiving mentoring help from him or her as well.

(This article is part of\u00a0<\/em>America\u2019s Entrepreneurs<\/em><\/a>, a Next Avenue initiative made possible by the\u00a0<\/em>Richard M. Schulze Family Foundation<\/em><\/a>\u00a0and\u00a0<\/em>EIX, the Entrepreneur and Innovation Exchange<\/em><\/a>.)<\/em>\u00a0

By\u00a0Kerry Hannon<\/a>
Entrepreneurship and Personal Finance Expert
Kerry Hannon is the author of the upcoming book,\u00a0Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life<\/em><\/a>. She\u00a0 has covered personal finance, retirement and careers for The New York Times, Forbes, Money, U.S. News & World Report and USA Today, among other publications. She is the author of a dozen books including\u00a0Money Confidence: Really Smart Financial Moves for Newly Single Women<\/em><\/a>,\u00a0\u00a0Great Jobs for Everyone 50+: Finding Work That Keeps You Happy<\/em>\u00a0and Healthy…and Pays the Bills<\/em><\/a>,\u00a0Getting the Job You Want After 50<\/a>,<\/em>\u00a0Love Your Job: The New Rules for Career Happiness\u00a0<\/a><\/em>and\u00a0What’s Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties and Beyond<\/em><\/a>. Her website is\u00a0kerryhannon.com<\/a>. Follow her on Twitter\u00a0@kerryhannon<\/a>.<\/td><\/tr><\/tbody><\/table>\n\n\n\n\n
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