Did you know that the burger chain FIVE GUYS* is the most reviewed restaurant in the world and has grown from one store in Arlington, Virginia back in 1986 to more than 1500 locations in recent years?*
Their secret is their focus. While other restaurants are continually experimenting with new options in their menu items, FIVE GUYS sticks to their limited menu of burgers, hot dogs, and French fries.
Apparently, owner Jerry Murrell took some 20 years before he even added milkshakes to the menu. He refuses to add anything that the fast-food chain can't be the best at.
Eleven years ago when the first Baby Boomer turned 62, I saw the writing on the wall for me to CHANGE MY BUSINESS FOCUS.
During the previous 17 years, I was a generalist where I could help everybody. Now, with eye-wide-open, I wanted to specialize in the Baby Boomer market that I was actually part of and "living" every day myself.
When my wife asked me if I was concerned that narrowing my focus could limit the growth of my business, my answer was a resounding NO!
So my partner Denny and I spent a lot of time and money to understand in great detail what this market needed. This included knowing all about Social Security, Medicare and so on.
The biggest concern for boomers was obvious very quickly--not running out of money--but more precisely: income to support lifestyle.
Logic also told me that people with this concern would rather work with a specialist, rather than a generalist.
All I know is when I had a heart attack at 54, I wanted a cardiologist, not my General Practitioner!
So remember this: you don't retire with a big pile of money...you retire on the INCOME that the big pile of money produces.
That is what we do, day in and day out.
Certainly, if you have any questions, don't hesitate to call me directly at 732-614-5832 during normal business hours.
There's no obligation to do so.
*The Motley Fool article, October 4, 2014 Fool.com