One thing is certain. Someday you will stop actively running your business. What you do on that day is largely under your control.
Over the next ten years many thousands of Baby Boomers who own small and medium-sized businesses will decide it is time — to work less, to retire, to sell. Most are unprepared. Creating a saleable business and maximizing value typically requires three to five years of lead time and the acquisition of new skills, capabilities, and business practices.
It is never too early to start thinking about what you want to do and to create a plan to get there. By doing so you can avoid a lot of heartache later and improve your financial return for the years you have invested in building your company.
We help you create a plan for your eventual exit from active management of the business. The type of exit can take several forms – from passing the business to the next generation in your family to selling to your employees or to another company. The transition can be phased, starting with stepping back from running all aspects of your business to playing mainly an oversight role, and eventually exiting altogether.
Every business owner’s situation is different. There is no one-size-fits-all solution. But there are similar phases in the life of all businesses, and business owners share common challenges in working through this process.
Contact us if you would like to learn more about how we have helped other business owners work through this critical phase of their business lives. We might be the right choice to assist you in this crucial process.