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.
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?
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?