In response to Jean Murray’s former post on this blog, Do You Have an Exit Plan?, a reader gave some suggestions.
Not having an exit plan is like jumping from an airplane without a parachute (usually not a good outcome). There are specific things that owners can do to maximize the value of their business and reduce risks, and taxes when they exit. But it requires planning ahead. Owners who have an exit plan will always have a better landing than those who do not plan.
It is a fact that every owner will transition out of their business in one …read more

Bed and breakfast businesses have taken a big hit with the recession.  As you probably have experienced first-hand, travel is the first discretionary spending to be cut when people are feeling a pinch, and baby boomers, the big travelers, are guarding their 401-k’s like crazy.
My favorite B&B has experienced this problem.  I wrote about Olde World B&B last year, after the new owners took over.  They are gone now, victims of the downturn and the very slow travel market.  The old owner took over the business, for which I’m thankful.  But I got to thinking about how difficult it must …read more

If you are a Baby Boomer who is trying to sell a business, this is obviously a difficult time. I know of several professionals who are trying to sell practices, and they are finding that they must “be the banker” for the transaction, since the buyer cannot get bank financing.
A recent Wall Street Journal Small Business Link article notes that small business owners are increasingly forced to provide contracts for buyers.  If you need to sell your business, here a couple of tips:
Get Your Business in Order. I mean, clean up.  Clean the offices and your production areas before …read more

What happens to the rest the family in your business if you decide to sell? I just talked to a Baby Boomer who is selling his business. His son and daughter-in-law both work in the business, and he’s wondering how he’s going to tell his family that he’s selling, and how they will deal with the sale. He has a buyer already, and the buyer doesn’t want the family members to stay.

What a mess! Family businesses are difficult in the best of times. The man’s story brought back some memories. I can tell you …read more

Over the past few days I have done two posts interviewing John Leonetti about his book Exiting Your Business, Protecting Your Wealth.  I have been talking with several young professionals who are looking for businesses to buy or who are buying businesses from Baby Boomers, so today I wanted to give you some insight into these young people.  I figure the more information you have the better.

Who Wants to Buy Your Business? Your prospective buyer might be anyone, but I would guess they have several characteristics:
They are young – probably under 35
They are male, although more and more I talk …read more

Today, I am continuing my interview with John Leonetti, author of Exiting your Business, Protecting Your Wealth.
By way of background, yesterday, I mentioned that John has created a picture of four different types of business owners, depending on their financial and mental readiness.  Some owners are mentally ready, but not financially; some are financially ready but not mentally.  Some are neither mentally nor financially ready (these people probably shouldn’t be doing anything!), and some are both mentally and financially ready. I talk to lots of baby boomers who are considering getting out of their businesses and I see all four …read more

If tough financial times have made you sick and tired of the  grind  of having your own business, maybe you’re ready to sell.  But selling may not be the best option; you should consider the whole picture.
I recently read a book titled Exiting Your Business Protecting Your Wealth by John Leonetti and I talked with Mr. Leonetti about how Baby Boomer business owners can exit their businesses gracefully while getting the maximum value for all their hard work. I’ll be sharing some of his thoughts today and tomorrow.
How do Baby Boomer business owners assure that they get the highest value …read more