-Of the USA’s 15 million business owners, 9 million were born before 1964
-Baby Boomers are retiring at the rate of 10,000 per day
-Every 57 seconds a business owner is reaching the age of 65
-Since 2011 (when the first Boomers turned 65) retirement has the single biggest reason for business sale
-Although 96% of Boomer business owners agreed that an exit plan was important, only 13% had a written plan
-In the next 15 years some $10 trillion worth of businesses will change hands
-The number of small and medium businesses for sale is greater than ever, but the consequence of an over supply means that prices are likely to b-become depressed in the future.
-Larger businesses are likely to be bought by other corporates or even private equity, but there could be as many as 80% of small businesses that will not sell and just have to close, destroying huge amounts of owner “value”

So as a business owner how can you make sure that you get the comfortable retirement that you have planned?

-Do not have all of your wealth tied up in your business – diversify your assets.
-Have a written exit plan – and work it!
-Be reasonable about what your business is worth – although it’s difficult, try and take the emotion out of the transaction
-Engage a professional coach to help you create the exit plan and keep you accountable for its execution.

Call Simon Ellett at (440)-385-6737