As a business owner, you might find yourself walking on a fine line between full transparency and divulging too much information to your employees about the exit. Employees may be suspicious of what’s happening behind closed doors and begin to ask if current conversations will affect them.
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.
Letting go and moving on is always difficult. It means that you need to free yourself from some aspects of your past. But when it comes to selling or winding down your business it combines with many factors like fear, loss, grief, regret, stress, and many others. This is more than a business transaction!
Every business reaches a point where the owner decides to exit the business. It’s inevitable, yet...