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Topics: sell my business 2018, business transition plan, baby boomer retirement, increasing business value before selling, Business ownership transition plan, baby boomer business owner, business owner planning retirement
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
In part 1 of our series on ESOPs (Employee Stock Ownership Plans), we discussed some of the basics of these plans, including some of the major benefits of this type of transaction for a business owner. During our recent webinar with ESOP attorney Tabitha Croscut, we delved further into some of the finer details of what ESOPs are, how they work, and what types of companies are good candidates for ESOPs.Read More
A business transition is a complex process – whether you’re selling to an outside buyer or transferring your business internally. It takes a lot of careful planning and generally requires a number of years to be executed successfully.Read More
“While 54 percent of business owners plan to leave their business in the next 10 years, 72 percent [of those] have taken no exit planning action,” according to a recent study. For most business owners, their business is by far their largest asset, and not properly planning for its transfer can put them, and their employees and family members, at risk. Being prepared is the key to success. It starts with owner education, allowing enough time to plan, seeking the best advice, and creating a Business Ownership Transition Plan (BOTP). A BOTP is a comprehensive written document that outlines how and when the ownership of a business will be transferred to others, either internally or externally, in order to achieve the owner’s long-term financial and personal goals.