Having a business partner brings with it a commitment to work together through highs and lows....
We are currently in the midst of the silver tsunami. That is, entrepreneurs aged 55–73 years old who are part of the Baby Boomer generation, are now retiring from their businesses or are currently in the stage of transitioning their businesses.
In the spring of 2020, I heard a story on the radio about baby boomers that want to retire yet are struggling with exiting their small businesses. As an entrepreneur, this struck me as odd – how can this be an issue? A few hours later I was searching online for more information and was shocked at the magnitude of the issue.
No one expects it but unforeseen circumstances do happen and cause major disruptions to your ability to run a business. So if these situations happen, do you have a plan?
Exiting a small business will likely include preparing financial statements for potential buyers as well as obtaining a business or net asset valuation (ExitGuide Pro includes a valuation). If you need a refresher on some of the terminologies or you do not “speak finance” ExitGuide has summarized many key terms below in what we hope is a clear and practical explanation.
Most small business owners aim to sell their business someday. According to a PNC Bank survey, 78% of owners plan to sell their business to fund between 60% to 100% of their retirement.
One of the best things about having a small business is how much of your identity and passion you can pour into it. You’ve put your heart and soul into every step or decision and invested a significant amount of time, money, and effort.
Whether it is a car, a house, or a business, the worst time to sell anything is when you must sell something. So why is it that less than 15% of small business owners have a plan to exit their business?
You started a business and you have run a business but, have you ever exited a business? If you are like most small business owners, the answer is “no” which makes perfect sense.
When thinking about exit your small business, many owners wonder who to turn to for help. After...