Start-Down: The Opposite Of Start-Up
A few years ago a business owner may have spoken to a few friends and maybe some professionals about selling their business, and then put it all on hold. They never really thought seriously about transitioning out, how competitive it might be or even considered whether they would know what to do when the time came.
If you read the business press today, it is shocking the number of boomer aged business owners with no real plan to sell their business. In Canada it is estimated there are 550,000 boomer aged business owners.
- Over 75% plan to sell within the next 10 years. That's a lot of competition.
- Less than 10% have a team, formal exit or succession plan in place.
- Over 82% expect the sale of their business to fund their retirement.
There's a lot of competition for the attention of the too few real buyers. Even more troublesome is if you're not a desireable company to buy. Now what do you do?
My biggest fear is that many good businesses close their doors and put their family, and the families of employees, vendors and customers at risk.
You might have a date in mind for selling or you may just wish to start moving forward. For many, you're already behind the proverbial eight ball.
In any case it's highly emotional and not easy to leave a lifestyle you've lived for decades. At WarrenBDC we care as much about you as the business you're selling or transitioning out of. We work on the business and on you.
One thing you can't buy back is time, and you're running out.
Or email me and let's schedule a few minutes to talk.