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.
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.
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!
