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?
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.
Dissolving a business is the final step in shutting down a business and it is a must-do. When a...