Boomer Business Owners Are Missing Out On Cashing In,
Unless They Start Preparing Properly for Sale
TORONTO, ON, March 31, 2017 - Boomers (born 1946-1964) own about 63% of private companies in both Canada and the United States. Of the businesses available for sale, 70-80% don't sell. Incredibly 44% of Owners say they aren't familiar with their transition options, 24% do know what their choices are and 32% are not sure. As for getting help, 88% have not yet established a formal transition team.
Author Eric Gilboord says "Owners need to get started now, preparing their business and themselves for transition." Or the impact on their personal finances will be devastating. Many Owners are carrying on business as usual. The current thinking of many smaller Owners is to take as much money out of the company as they can for the next few years, and then sell for what they can get or simply close down. Neither solution is in their best interest."
How did this happen? Some boomer aged Owners get poor advice or they don't want to do the work. They get stuck waiting until it's too late to sell. Others attempt to sell when their business isn't ready. Quickly discovering that the company, in its current state, is not desirable or the Owner is unrealistic about its value to a Buyer.
The alternative to closing or giving away their business at fire sale prices is to prepare the company for sale by making it more desirable. Building value can increase the odds for a successful transition and allow for new ownership to keep the business running and staff employed. A great starting point is to pick up a copy of Eric's new book, written for Boomer Aged Business Owners, called 'Moving Forward - Why you're stuck and what to do about it.' Available at Amazon.
Gilboord continues "For years we've been told that all the BABOs or Boomer Aged Business Owners were going to sell their companies and retire, play golf and travel for the rest of their lives. This is the biggest myth about the boomer generation yet." The reality is they're not selling or even getting ready to sell. Very few want to spend the balance of their lives golfing. Many can't afford to retire and the rest wouldn't know what to do with themselves if they did sell. Typically, 12 months after selling, 75% of Owners regret the decision. Many because they didn't think things through.
The result is too many Owners are stuck between a rock and hard place. If this attitude among boomer aged Owners continues, many more will join their ranks. Over the next few years, the average age of a BABO will rise from the current mid 60s to early 70's. Health, the economy and competition will force a decision upon them and the rest is up to fate.
Eric Gilboord - Eric is the author of a new book for Boomer Aged Business Owners. 'Moving Forward - Why you're stuck and what to do about it.' He has worked with hundreds of Small and Medium-sized Business Owners over the past 22 years. The last 3 exclusively with BABOs - Boomer Aged Business Owners. He is a management consultant, speaker, author and columnist.
Moving Forward - Why you're stuck and what to do about it. Written specifically for Boomer Aged Business Owners. Many BABOs are going through a challenging time in their lives. One of the biggest events they face today is to sell or transition out of their company. 'Moving Forward' is about both the emotional and practical struggles Owners are facing. At the same time it serves to help the Owners family, Buyers and Trusted Advisers to better understand these challenges from the Sellers' perspective.
To receive a full review copy of Moving Forward (Read Sample) or to book Eric for an interview contact:
Linda Tenenbaum 416-728-2466 firstname.lastname@example.org
Eric Gilboord 416-270-2466 email@example.com
Eric's Latest Book Moving Forward
Written specifically for Boomer Aged Business Owners. One of the biggest events they face today, is to sell or transition out of their company.