Between 1946 and 1964, about 75 million people were born in the United States – the “baby boom.” In less than two months, millions of these baby boomers will begin to retire, about 16 percent of which own their own business.
Not surprisingly, many business owners are too busy performing the daily operations and don’t have an exit strategy.
For all you business owners out there, PLAN AHEAD! The largest asset you own may very well be your business.
Here are two things to keep in mind while planning your exit strategy. (In another column in the
near future, I’ll address several more.)
First, choose the right people to work with and pick the right time. Good business brokers are ones that aren’t afraid to tell you, “This isn’t the right time for you to sell.” Many businesses need to improve their growth or some other aspect for a few years prior to a sale as selling on an upward trend will gain the owner a greater profit.
Second, determine a realistic price and be willing to hold some paper. (Continued on PDF)