The Next Ten Years Will Change Everything for Boomer Business Owners — Are You Ready?

Over the next decade, a flood of Boomer business owners will be looking to sell their businesses. Here’s how to make sure your life’s work provides value into your golden years.

There’s good news and bad news for Boomer business owners who are looking to sell in the coming years.

The bad?

Less than 20% will see any transferable value from the sale.

That includes both the tangible cash value of the business as well as the personal stake many entrepreneurs have in seeing their legacy carried forward into the next generation. Up to 80% of Boomer businesses will simply shutter their doors, generating no big payday for their owners or any lasting impact.

Now, before you panic, here’s the good news.

There’s plenty you can do to tilt the odds in your favor.

One of the main reasons why businesses don’t sell is a simple lack of exit planning. So taking the time to make an exit strategy can put you ahead of the pack — and in the <20% of owners who will be able to successfully hand off their business and collect on their life’s work.

And now is the time to act.

The first step is ditching the rose-colored glasses and getting an accurate appraisal of your business’s market value. Many owners allow sentimentality to cloud their senses and misjudge what their business is actually worth. You have to think like a buyer and provide the brass tacks on what makes your business not just viable, but a lucrative investment.

And that also means doing your due diligence — proactively addressing any potential doubts about financial standing, customer confidence, employee morale, and more — so there are no unpleasant surprises at deal closing time.

These are just the beginning steps. If you’re looking to sell your business, I can help with a comprehensive exit plan that’s in line with your retirement goals and aims to protects your legacy. Book your one-on-one consultation to get started.