There are millions of baby-boomer owned businesses that will change hands over the next 10-15 years. Are you one of them? Many of these business owners have spent a lifetime creating value in their businesses. As they mature they will eventually want to realize and recognize that value.
Also, more and more seniors are becoming entrepreneurs. In both cases, whether you started your private business years ago or are a relatively new entrepreneur, as an independent business owner you need advice on how to start up, operate and dispose of your businesses.
Think about it. As a senior, there are fewer years between now and when you plan to retire. How will you exit your business? Will you just let it expire? Does it have significant value to pass on to your family? Can you attract a buyer? How can you maximize the value of your business over a shorter period of time?
These answers depend on the objective value of your business and your readiness to begin planning your exit strategy. How do you determine whether you are ready? How do you go about properly valuing your business for your eventual exit? I plan to explore these issues in coming articles.