I recently read an article that looked at the state of baby boomer business owners reaching retirement age, the majority of which are not prepared for the exit from their business. "This means that they are not prepared and will very likely fall subject to the statistic ‘only 2 out of 10 businesses that go to market sell’ and run the risk of getting a lower price for their business than they need or even worse, won’t sell at all.” My own advisory practice focused on helping business owners exit strategically echoes the results of the survey cited in this article, Top Four Things Business Owners Asked For, K. Brooke Norman.
A survey of business owners attending an exit strategy conference resulted in a list of the top four things business owners need help with. In our consultation with hundreds of business owners we find they are asking for the same things:
- How to develop a Strategic Plan that works for them.
- Transition & Succession plans that minimize tax, are in writing and have a time line
- Develop and Implement a marketing strategy that is simple and increases profits.
- An understanding of their true business value and if that works with their personal financial plan to Exit or When?
Business owners need time (and outside expertise) to increase the value of their company so they can have a successful transition out of it. The activity of analysis, de-risking, planning and building value is what we call pre-due diligence. Learn how we help maximize the value of your business.