Bridging the generation gap

Adrian Rasmussen • January 19, 2016

Australians are living longer and retiring later. By 2023 the official retirement age will be 67, meaning more and more businesses will have multiple generations working together. Responsibility and transfer of knowledge, skills and experience from the older generation to the next is taking longer.

Let’s take a family farming business for example. Let’s say you have grandfather (of the traditionalist generation) in his 70s pottering around on the farm, Dad is in his 50s (a baby boomer) and is still steering the business, while his son in his 30s (Gen X) is working alongside him. There’s a younger son in his 20s (Gen Y) who still lives at home and the Gen X has a couple of kids (Gen Z) who help out on weekends.

So, what happens when a multiple generation business like this decides to undertake succession planning? One word. Conflict. Unless each generation:

  • takes time to appreciate each other,
  • recognises where the gaps are, and
  • takes steps to bridge the gaps.

Our shared experiences, particularly those of our youth – like what kind of books, movies or music influenced us, what major political or economic events happened or what technological advances have occurred, tend to unite and shape a generation.

There are two key things we encourage our clients to consider when it comes to generation gaps:

  1. They’re not going to “grow out of it”. Older generations often think the young ones will grow up to be just like them…but you didn’t grow up to be just like your parents did you? It’s not a phase. Generational characteristics aren’t just a stage they will outgrow as they age. The younger generation’s focus on flexibility and access to information are likely to continue to be priorities.
  2. It’s not wrong, it’s just different. Gaps need to be bridged from both sides. Take time to appreciate the differences and strengths of each generational group and look for how these characteristics can be harnessed for the greater good of the business or family farm.

If you are working with different generations take time to appreciate what makes them tick. For example generations Y and Z tend to embrace change. So provide variety and different experiences in their day-to-day work roles. Meanwhile baby boomers expect people to work regular hours, so communicate clearly if you are starting later or leaving early.

There are great benefits of having a generation blend in your team. If you are looking for ways to bridge the gap, we recommend placing emphasis on the traits and standards that you agree on. Take time as a team or family unit to develop a set of agreed values and use that as a platform for decision making and work styles.

If you’d like to find out more about team building sessions run by BMO, contact us on 4662 3722.

The post Bridging the generation gap appeared first on BMO Accountants.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.