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When you consider that the majority of business owners are baby-boomers, it's surprising that only around 40% of them have a business transition plan in place, according to a recent report from RBC Wealth Management Services.Read More
There are many factors that contribute to a successful business transition. Here are seven key areas that owners need to understand and address that can help lead to a positive transition experience. This takes time, but it is worth the effort. When it comes to planning for the future of your business, your family and your retirement, there are no shortcuts to success.Read More
Many business owners have the mistaken idea that retiring from their business will be a relatively simple process – they’ll just find a buyer when they’re ready to retire and live of the proceeds of the sale for the rest of their lives. In an ideal world this would be true. Unfortunately, the reality is much different. Except in rare circumstances, business owners cannot simply pick an age at which they want to sell or retire. There are number of things they have to be cognizant of, such as:
- Whether or not their business is in good enough shape to be sold
- The market for business transfers
- The impact of anticipated market factors, such as the number of baby-boomers who are looking to sell their businesses over the next decade
Have you developed a contingency plan for your business in case you die or become disabled? This is critically important. How many families and incomes would be affected if something happened to you tomorrow? How would your business function without you? Is there a written and realistic plan in place so that your management team and family could keep the business prospering?