A few years ago a business owner may have spoken to a few friends and maybe some professionals about selling their business, and then put it all on hold. They never really thought seriously about transitioning out, how competitive it might be or even considered whether they would know what to do when the time came.  

If you read the business press today, it is shocking the number of boomer aged business owners with no real plan to sell their business. In Canada it is estimated there are 550,000 boomer aged business owners.

1. Over 75% plan to sell within the next 10 years. That's a lot of competition.
2. Less than 10% have a team, formal exit or succession plan in place.
3. Over 82% expect the sale of their business to fund their retirement.

There's a lot of competition for the attention of the too few real buyers. Even more troublesome is if you're not a desireable company to buy. Now what do you do?

My biggest fear is that many good businesses close their doors and put their family, and the families of employees, vendors and customers at risk.

You might have a date in mind for selling or you may just wish to start moving forward. For many, you're already behind the proverbial eight ball.

In any case it's highly emotional and not easy to leave a lifestyle you've lived for decades. At WarrenBDC we care as much about you as the business you're selling or transitioning out of. We work on the business and on you.

Join our Boomer Business Owners Support Group for online LinkedIn and in person live event discussions about building value and successfully transitioning out of your business.

One thing you can't buy back is time, and you're running out.

While you're thinking about it click here. 75 Things You Can Do After the Transition

Or email me and let's schedule a few minutes to talk.

Eric Gilboord
CEO, WarrenBDC
eric@warrenbdc.com
416-270-2466

February 16, 2015 by B2BNN Newsdesk

Entrepreneurs often apply their life skills to their sales and marketing, and the acquired lessons from marriage are no different. The business professionals we spoke to explain how their marriage helped them become stronger entrepreneurs…and how running their own companies helped their relationships.

Eric Gilboord, of Toronto-based WarrenBDC, helps Boomer-aged business owners to sell or transition out of their companies. He believes that there are six pillars of a good marriage that, if applied to the business, can make for an excellent entrepreneur.

1. Constant communication. “Communicating is key with your staff or your spouse.”
2. Planning ahead. “In marriage, you plan for retirement and the years ahead. Any business should be planning for the next three years. And you should have back up plans.”
3. Respect.  “In a marriage it might be as simple as ‘thank you for making dinner’, and it’s not about buying them diamonds. Sometimes that’s all people want, is to be appreciated.”
4. Compromise. “Like business, marriage is a partnership. There’s negotiation, sometimes conflicting opinions. Learn to bend when it’s important; stand firm when necessary. You begin to understand the nature of compromise.”
5. Happiness all around. “Everybody has to be a winner; it has to be win-win. That’s similar to marriage. You need to work to understand what a win means. That doesn’t have to mean a loss for someone else. You have to look for what they want, and it’s not always what you might think. Your partner might not always want more money. It just might mean they want more respect.”
6. Criticism: know how to do it. “Constructive criticism is good, and there has to be a balance between criticism and complimenting. Good criticism is done in the spirit of helping somebody do something better; personal or professional,” says Gilboord. “Criticism should not be flung at a whim; rather, the criticism is saved for when it’s truly important. Worker morale and productivity suffers when they feel negativity, looked down upon or that their every move is censured. Critique can be deflating for many, even if it is done constructively.” He recommends, moreover, whether it’s your spouse or staff, never criticize publicly – it will do more harm than good.  “And it should not be done in anger. Tonality and timing are important.”