Are You Willing to Gamble on the Sale of Your Business?
Are you ready to risk your retirement, comfort of your spouse and family, personal legacy or future of your company? You worked way too hard for decades to do that.
Let's do the math. 65% of all established businesses in Canada and the US are owned by Boomers - Owners born between 1946-1964 the oldest boomer Owner is 74 and the youngest is 56. If you're reading this, likely I mean you.
Owners are rapidly backing themselves into a corner. Many businesses never sell. You thought you had plenty of time. You assumed or hoped you would get what the business was worth, when the time came. Newsflash. Time has come, and a freight train is attached.
It was a Sellers market. Because many Owners had not yet started the process or sold. To put it into real terms 90-95% have not sold and 80+% don't even have a transition plan for selling their business or a team to help sell it.
Welcome to the Buyers market.
So to be clear, you were in the driver's seat if you had a good size, well run, solid and profitable business with a big future and a great team running it (without your participation). You planned and prepared for transition and a successful sale was in your future. If this is truly you, then chances are still good a successful transition is in your future.
On the other hand many of you did not do all of the above and are now panicking at least a little. Some Owners are very concerned and panicking alot. Oh and if you're a small lifestyle business (under $3 million in annual sales and the company revolves around you) it's not looking good.
So small, medium or large, either get to work right away to ready your company for transition or rethink your retirement plan.
So what do you do now? You have 2 easy choices below. Pick one right now!
Cheers, Eric Gilboord
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