Are you one of the 12 million or so baby boomers who own a business and will be looking to retire in the coming years? You are at that critical stage in life and looking to realize some of the value from spending countless hours of planning, honing, building and developing your most prized asset, your business. Now is your time to cash in and begin the next stage of your life. A lot of others just like you are going to be doing the very same thing.
This tsunami has already started, as can be seen in a May 19, 2013, article by Joyce Rosenberg, Associated Press:
“In the first three months of the year, the number of sales that closed jumped 56 percent from the same time in 2012, according to BizBuySell.com, an online marketplace for small businesses.” (Retiring boomers driving sales of small businesses).
Selling your business is a major life decision. The importance of Exit Strategies and preparing your company for sale have never been more important. Of particular importance is your mental and emotional preparedness. Business owners should first consider their ‘psychological readiness’ to let go of their business and create a post-transaction vision for their life. Then, build a team to help you focus on creating the most value. Identifying business weak points and finding ways to build cash, profitability and business value are vital to separating you from the crowd and the greater likelihood of a successful outcome.