Exit Strategy Tips for Baby Boomers
If you are a baby boomer and are wondering how to make a smooth transition, this post will help you do just that. There are few tried and tested ways to go about this:
Separate yourself from the Business
There are approximately 12 billion businesses in America that are owned by baby boomers. The majority of these also believe that the owner is the business and if the owner leaves, the business falls apart. The key to successfully executing this is by constantly delegating more tasks or to have an apprentice – someone who will carry the business after you leave. This also means instilling trust in employees and current customers to ensure things will remain the same and the company is committed to growth and not dependant on the owner.
Business owners can opt to sell their business as well, you can go about this by selling it privately or hiring a business broker to assist with finding a buyer and facilitating the deal.
It is very important that the financials and accounts are clear, concise and without any discrepancy. If there are any issues, it could jeopardize the deal and cause the buyer to backout. Unfortunately, this is something a lot of small businesses forget to do, due diligence is required in making sure everything is error free and avoid any such mishaps that may occur.
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Be open to Different Methods
Some business owners like to keep it in their family – Father/Mother to Son or Daughter; this ensures the same trust that has been built continues on. Business owners could also look into Employee Stock Options; this allows employees to feel a part of the business rather than just employees.
Make it Exciting
This career shift would mean a lifestyle change and a whole lot more. This can get to some people, but career shift shouldn’t always mean something negative. You worked your life to create a dream business; it just makes sense to now build your dream retirement. A look back at all things achieved and things learned is a great way to start.
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