Whether you want to accept it or not, change is coming. The average age of a seasoned business owner is 68. Of all established businesses in Canada and the United States, 65% are owned by these same seasoned owners. That means most founders of family businesses are facing the inevitable decisions they have put off for the last few years.
You can't wait it out or drive it away. Likely your kids will not be taking over. You may or may not require the funds from the sale of your business to finance your retirement today. But who knows what the future has in store for you.
As I've said many times to my readers and audiences, you need to start now, making the decisions necessary for a great transition. If you don't, it may be made for you. Health issues, yours or someone close to you, can pop up unexpectedly. The marketplace may dictate what happens to your business. Competition to sell may be greater than you anticipated. The appeal of or desire to purchase your company may be less than you thought.
And finally, statistically, selling successfully is not in your favour. Four out of five businesses that go to market DO NOT SELL. So it appears it may be time to take this whole transition thing seriously.
Eric Gilboord
CEO, WarrenBDC
You can't wait it out or drive it away. Likely your kids will not be taking over. You may or may not require the funds from the sale of your business to finance your retirement today. But who knows what the future has in store for you.
As I've said many times to my readers and audiences, you need to start now, making the decisions necessary for a great transition. If you don't, it may be made for you. Health issues, yours or someone close to you, can pop up unexpectedly. The marketplace may dictate what happens to your business. Competition to sell may be greater than you anticipated. The appeal of or desire to purchase your company may be less than you thought.
And finally, statistically, selling successfully is not in your favour. Four out of five businesses that go to market DO NOT SELL. So it appears it may be time to take this whole transition thing seriously.
Eric Gilboord
CEO, WarrenBDC
