There’s a Perfect Storm Approaching for Exiting Business Owners

By Gary Ampulski , April 8, 2015  (with permission)

On January 1, 2011 about 8,000 Baby Boomers (people born between 1946 – 1964) turned 65 years of age. Every day for the next 18 years, others will turn 65 at the same rate. While many may know about this trend, a lesser known fact is that, according to the US Census Bureau, 70% of all businesses (with more than 1 person on the payroll) or 4.2 million businesses are owned by people over 53 years old.Continue…

Why Business Owners Don’t Focus on Exit Planning

According to recent studies, 60% of business owners do not currently have or plan to develop an exit strategy. Because business owners spend a large majority of their time running the business, it’s not surprising that little attention is given to thinking about exit planning: what will happen to both the business and to them personally once they are ready to move on.[1]Continue…

Planning for the Sale of a Business is Not the End

Most business owner’s view planning for the sale of a Business as an event they need to deal with only when the time comes. After all, who wants to think about “going out to pasture” before you need to? The term “Retire” is usually a mental symbol to a business owner as being a member of the “Over the Hill Gang” or a one-way ticket to the Assisted Living Complex.   No one wants to view themselves that way, especially baby boomers. And they are right. It’s not the end; it’s really the beginning of the next act in their life.Continue…

When Selling a Business, Create a Transition Plan

Most business owners are familiar with the idea of exit planning, but if a departing CEO truly wants to ensure the best outcome when selling a business, developing an effective entry plan commonly known as a “Transition Plan”, with the new owner-operator in mind is vital. By preparing his business and the eventual buyer for the transition, an owner can paint an attractive picture of his business, not only helping to obtain fair value in a sale, but also leave it in new hands with peace of mind.Continue…

When Selling a Business, Create a Transition Plan

Most business owners are familiar with the idea of exit planning, but if a departing CEO truly wants to ensure the best outcome when selling a business, developing an effective entry plan commonly known as a “Transition Plan”, with the new owner-operator in mind is vital. By preparing his business and the eventual buyer for the transition, an owner can paint an attractive picture of his business, not only helping to obtain fair value in a sale, but also leave it in new hands with peace of mind.Continue…