Independent Banker - January 2019 - 55

" Once you have operated
a billion-dollar
business for 10 years,
you have a set of
skills. You know a little
finance, a little HR and
a little marketing. "
-Klaus Fink, Anglers Port Marine
Bizstarters.com's Williams. " They are very well
networked, and that helps them get things done
more quickly and effectively. "
Community banks fund more than half of small
businesses under $1 million, and baby boomers
are increasingly inclined to start businesses.
It seems natural that community banks would
benefit by targeting older entrepreneurs. But few
community banks seem to have specific initiatives
capitalizing on the encore entrepreneur trend.
" It does strike me as an opportunity, " says Bob
Howard, CEO of $525 million-asset CBI Bank &
Trust in Muscatine, Iowa. " We are all so focused
on the next generation of customers and trying
to get young people in the fold. We may need to be more
focused on the other end of the demographic spectrum. "
An open goal
That demographic is growing disproportionately to the
rest of the country. The U.S. Census Bureau reports that
by 2020, there will be about three-and-a-half working-age
adults for every retirement-age person, which means there
could be fewer workers and entrepreneurs.
" Entrepreneurs are so important for jobs, wage growth
and development, " says Dane Stangler, president and
chief policy officer of Startup Genome, a data and advisory
company in San Francisco. " It's really important for
communities of all sizes to do what they can to help support
and promote older entrepreneurs. Sheer demographics
dictate that you [should] pay attention to this demographic. "
In many cases, community banks' standard outreach
efforts, like networking, will reach older people. Amy
Henderson, a vice president and business loan officer at
$4 billion-asset Amarillo National Bank (ANB), co-runs
the bank's Summit Business Center branch. She met Jim
Belcher, 63, through a networking group.
" I don't believe in retirement, " says Belcher, who had a
37-year career in public accounting and private industry,
Klaus Fink acquired
a marine dealership
after a lengthy career.
and skipped retirement before becoming a partner at B2B
CFO, a firm of consulting CFOs. " I still have good health,
and I'd probably drive myself nuts if I tried to retire. "
Belcher became an ANB client and has taken advantage
of the unique capabilities of the Summit Business Center
branch, which connects to an independently run coffee shop
and two conference rooms that can be reserved for meetings.
However, community bankers might consider more
targeted networking to better connect with baby boomers,
such as partnering more actively with agencies and
organizations serving older populations, such as SCORE,
AARP and some SBA activities. Beazley has established
relationships with companies that specialize in 401(k)
rollovers, a popular way of funding startups for older
entrepreneurs. " That puts us in front of people who have
significant retirement assets and may be entertaining
starting up a business, " he says.
Encore entrepreneurs and community bankers say they
both have a lot to offer each other. " I'm 63 years old, "
says Foothills president Lenz. " I don't feel like I have an
expiration date. People who are retiring or in their early
60s are looking for the next chapter. "
Judith Sears is a writer in Colorado.
independentbanker.org Q 55
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Independent Banker - January 2019

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