Boomer Business Owners: Do you have an exit plan?
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As baby boomer business owners near retirement, they should be devising an exit strategy - the plan to exit your business gracefully, to preserve maximum value. If you haven’t done this, you’re not alone. One recent study by White Horse Advisors LLC found that 87% of baby boomer business owners didn’t have a written exit plan.
The usual “strategy,” says Bankrate.com, is “manage til you drop” which indicates the lack of any sort of clear plan. The problem with neglecting a plan is that you will not be able to maintain the value of your business if you drop dead or become disabled. In fact, I can think of lots of things that might happen. It’s not pleasant to think about. Brent Dees (About.com guide for Small Business Information) calls them the “Four D’s: Death, Disability, Divorce, Departure.”
My suggestion: Start thinking about this, consider the Four D’s, and start putting together a written plan. Matter of fact, I should be doing the same thing myself.
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POSTED IN: Boomers nearing retirement, Business Improvements, Sharpening The Saw
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