Guest Post from Eric Gilboord, CEO, WarrenBDC on the web at www.WarrenBDC.com on building your "Start-Down" strategy --- the opposite of start-up --- as boomer business owners move to transition their business over the coming years. Here now I'm delighted to introduce you to Eric Gilboord.
Transitions for Boomer-Aged Business Owners.
A few years ago a business owner may have spoken to a few friends and maybe some professionals about selling their business, and then put it all on hold. They never really thought seriously about transitioning out, how competitive it might be or even considered whether they would know what to do when the time came. If you read the business press today, it is shocking the number of boomer aged business owners with no real plan to sell their business. In Canada it is estimated there are 550,000 boomer aged business owners.
- Over 75% plan to sell within the next 10 years. That's a lot of competition.
- Less than 10% have a team, formal exit or succession plan in place.
- Over 82% expect the sale of their business to fund their retirement.
Competition for Real Buyers.
There's a lot of competition for the attention of the too-few real buyers. Even more troublesome is if you're not a desirable company to buy. Now what do you do? My biggest fear is that many good businesses close their doors and put their family, and the families of employees, vendors and customers at risk.
You might have a date in mind for selling or you may just wish to start moving forward. For many, you're already behind the proverbial eight ball. In any case it's highly emotional and not easy to leave a lifestyle you've lived for decades.
Your business, your Start-Down.
At WarrenBDC we care as much about you as the business you're selling or transitioning out of. We work on the business and on you. Join our Boomer Business Owners Support Group for online LinkedIn and in person live event discussions about building value and successfully transitioning out of your business.
One thing you can't buy back is time, and eventually we all run out of it. While you're thinking about this take a moment to click and visit: 75 Things You Can Do After the Transition. Or email me and let's schedule a few minutes to talk.
Eric Gilboord is CEO of WarrenBDC. Freely visit his website to explore wider resources: www.WarrenBDC.com. Take a moment too to connect with Eric and chat further in person: by phone at 416-270-2466, or by email at Eric@WarrenBDC.com
ALSO COMING SEPTEMBER 2015
FROM BRIAN WEATHERDON
"YOUR BUSINESS, YOUR RETIREMENT"....