If you want to know more about the challenges high net worth Boomer generation business will face as they attempt to liberate themselves from business then you won’t want to miss this Sunday’s Business Briefing, January 8, 4pm PST, on FM News 101 KXL radio.
Because of overwhelming listener interests from the November and December programs, Brian Bushlach, the well regarded host of Business Briefing, has invited me back for another round of questions and comments on exit and transition planning for owners of privately-held companies. Brian understands the significance of this topic and the fact that most successful business owners have limited knowledge, no formal written exit plan and are quickly approaching an impending crisis timeline. As a result, many owners could face catastrophic losses as they look to cash out of their business or transfer their business ownership.
The stakes are high and the statistical facts speak volumes on what’s potentially to come. Lifestyle dreams, family legacies and philanthropic desires are all at stake. Consider then in one survey, only one (1) in ten (10) owners received a price for their business anywhere close to what they wanted or expected. Additionally, less that 40% said they were successful with family and non-family transfers of their business ownership. The primary cause—no formal plan.
Next, factor into this scenario the impact of the Baby Boomer business owner’s tsunami. Current estimates are that more than 40% of Boomer business owners plan to exit within the next five (5) years and 80% within the next ten (10) years. Statistically this means that there will be many more sellers than buyers in the market place. It is indeed a disaster waiting to happen.
If you are a Boomer generation owner running a business with $5 million to $50 million in annual revenues you should register for our upcoming Business Exit Planning workshops, Thursdays 1/19 and 2/9, from 6:30pm to 8:00pm. Details will be in future announcements and you can also hear the information on KXL radio. Don’t miss next Sunday’s Business Briefing. You are also welcome to hear more about the upcoming Business Exit Planning workshops by listening to the audio clip below.