Some BBBO’s (Baby Boomer Business Owners) are ready to quit, or should I say sell?
Tired of the grind? Ready for something new or for retirement? Dreaming of receiving a lucrative lump sum, or of that lake house you have always wanted? It may be time to sell! Are you ready?
A new study of privately held businesses concludes that as baby boomer entrepreneurs retire, they will transfer about $3.3 trillion worth of wealth as these businesses are left to heirs or sold.
Most business owners wait until retirement to sell, and as baby boomers are getting older, the number of businesses for sale is rising. In fact, most business owners identify their age as the main motivation for considering a sale.
The secret to selling your business for the highest possible price is simple. Selling may be the easy part! First, start with the end in mind: it’s what to do with the next chapter of your life that you need to figure out!
Do you want to work and stay on as a paid consultant, but without the headaches? Do you prefer to travel like you always planned? What about that local charity that needs your support or time? Or that community group you wished to start? And your new grandchild who is just too cute and needs more playtime with you! And speaking of grandchildren and family, in 2010 you must take time to review your estate plan due to changes in this area.
To capitalize on your sale, follow these basic guidelines:
1. Always maximize the value of goodwill and other intangibles
2. Know where to promote and market your company
3. Evaluate how to minimize taxes due and coordinate your sale with your overall plans
So for all you BBBO’s out there-The time is now. Bust It Up and get your business ready for sale!
Ken Stein, CFP®
Business Broker and Intermediary
www.linkedin.com/in/kennethsteincfp
www.gotoimpact.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment