The growth or lack of growth in the economy is a current debate. So, if you are one of the Baby Boomers who weathered the 2008 economic crisis and still in business, let’s consider your situation.
You are labeled a “Baby Boomer” because you are now between the mid 50’s and the late 60’s. You were raised to believe that the age of 65 was somehow magical and your country would pay you “social security”. You also learned along the way how to be a leader and an entrepreneur that getting something done right was to do it yourself. So, you are one of many Main Street small business owners that have enjoyed the toils, benefits, trials, respect, and everything in between by owning your business. Your grandchildren are growing and your parents are either resting or slowing down enough to need your help.
Well — Congratulations! You are in the Majority! Statistics show there are more business owners in your age group that are planning on releasing the reigns of leadership than any other age group. Who are the minority? Are they qualified to buy your business? Why should they pick yours over your competitor’s? As a business broker, listing businesses for sale is more than just getting a listing. We determine the salability of your business, help you ready it for sale, find the qualified buyers, and guide both you and the buyer through the process. We work with your trusted advisors (CPA, Tax Advisor, Attorney, CFO, etc.) to prepare and transition those reigns.
Your decision to retire, sell, offer an earn-out to a great employee, merge with a vendor or customer, auction the equipment, or just close the doors, is most personal and can be quite emotional. What can you see yourself doing more than what you are doing right now? What keeps you up at night? Would a buyer want the same “keep you up at night” scenario? What problem-solving ideas do they offer to resolve it? These types of questions should be addressed before determining the best time to list your business for sale.
Let’s face it – you are in the majority with others wanting to exit their businesses and actually retire. What industries are more desirable than others? What are the strengths and weaknesses of your business and how have they manifested themselves over the past 5 years and where are they headed the next 5 years?
Start a conversation. Trusted advisors + business broker + solid information = Right determination for You. Exit your business wisely.