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?
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.
Consulting with an exit coach to plan for your business exit is one of the best investments you can make. By sitting down with your exit coach, you can plan your exit and avoid common issues sellers have when selling their first business. Although meeting with a coach is great, you can maximize the meeting by asking the right questions that can net you more profit for the sale of your business.
Every business reaches a point where the owner decides to exit the business. It’s inevitable, yet...