Pretty much all the conversations I have today are with boomer age business owners and or their trusted advisers. Here are some of the key ideas they thank me for sharing.
- The first thought I share is that 80% of transitioning their company is about what is going on inside their heads. What they are thinking about, what's keeping them up at night, and the realization that they don't know what they don't know.
- Secondly, the world of buying and selling companies is no longer black & white and solely transaction oriented but many shades of gray. The old rules do not apply any more. This is a new unique generation of owners and for many reasons their worlds and the accompanying challenges are not the same as the ones their parents faced when they were this age.
- Thirdly, most boomer age business owners do not know where to go to get good, business transition specific, guidance and services from experienced trusted advisers. You do not know how much you need for retirement, no one does. And if you think that's the only advice you need. Boy are you in for a surprise.
- And if the first three are not enough, there is money out there. Buyers are looking for good companies to purchase. They are calling us and asking for multiple, well prepared, quality businesses to purchase. And that is hard to find.
The average age of a boomer in Canada is closer to the mid 60's and as you creep up on late 60's or 70 years old the decision to move forward and do something about it will be made for you.
- Poor health will affect you, a spouse, a parent or a partner.
- The industry in which you operate is changing and you could find yourself on the wrong side of change.
- Competitors are coming and they are well funded, younger, smarter and stronger.
So what does all this mean? You need to act now, not tomorrow. Statistics are overwhelmingly against the 90% who have not prepared and will inevitably struggle to transition their company. Or as some are seeing today, sell for pennies on the dollar or just close the door.
If you want to take the first step, talk by telephone for a few minutes, meet for coffee or over lunch please
I look forward to meeting you and if we have met before, rekindling our relationship.
I am available for select speaking engagements with intimate audiences of a few boomer aged business owners and or larger groups of those servicing boomer owners.
(Including Lawyers, Accountants, Wealth Management Advisers, Insurance, Banks etc.)