Excerpt from Eric's new book 'Moving Forward'
You can deny it all you want. But if you're a Boomer Aged Business Owner, you know it's time to transition. More than likely you're already taking some of the steps needed to move on with the next exciting stage in your life. It's not ok to wait any longer.
I've been speaking with dozens of boomer Owners about selling or transitioning their company and the same story is told to me over and over again. 'I can't do anything just yet. The time isn't right. I know I have to do something.'
The family members, and the many trusted advisers, Owners tend to surround themselves with tell me this story. 'I don't know what to tell my Dad/Mom or Client. We talk about selling or transitioning the business but he/she/they keep putting it off. I wish I knew what to say or do.'
Yes we all know you have a deep emotional attachment to the company you built. And yes 2008 was an unexpected blow. You've had at least 8 years to recover or not. It is unlikely the world will suddenly drop a 'selling gift' into your lap. So you have to reconcile dealing with the company and its' future now.
If you don't, the decision will be made for you. Health, the economy, competition or industry changes will dictate what happens next. At that point all bets are off. You've lost control and you didn't get into business just so you could give up control.
The first thing you need to know is you likely have an inflated opinion on the value of your company. Sorry, but that's the cold hard truth.
In addition, at least 80% of your wealth is likely tied up in your single largest asset - the business. The biggest sale you will ever make will be the business itself. Tell the truth, are you really prepared?
Your future, and the well being of many other people, depends on the steps you take over the next few years. You know you need to do something now or it might be too late. After all, it will likely take 3-5 years from start to finish to be fully out of the business.
Right now you may not know exactly what you'll do after the business is sold. That's part of the journey. How about we agree that time with family, good health and a little extended holiday is a great place to start.
When you started or took over the company did you really have all the answers? I didn't think so.
The clock is ticking, whether you're ready or not. Take the first step into your future now. I feel strongly about this because I know if you wait too long, we may end up with more closed businesses than our economy can absorb.
You can deny it all you want. But if you're a Boomer Aged Business Owner, you know it's time to transition. More than likely you're already taking some of the steps needed to move on with the next exciting stage in your life. It's not ok to wait any longer.
I've been speaking with dozens of boomer Owners about selling or transitioning their company and the same story is told to me over and over again. 'I can't do anything just yet. The time isn't right. I know I have to do something.'
The family members, and the many trusted advisers, Owners tend to surround themselves with tell me this story. 'I don't know what to tell my Dad/Mom or Client. We talk about selling or transitioning the business but he/she/they keep putting it off. I wish I knew what to say or do.'
Yes we all know you have a deep emotional attachment to the company you built. And yes 2008 was an unexpected blow. You've had at least 8 years to recover or not. It is unlikely the world will suddenly drop a 'selling gift' into your lap. So you have to reconcile dealing with the company and its' future now.
If you don't, the decision will be made for you. Health, the economy, competition or industry changes will dictate what happens next. At that point all bets are off. You've lost control and you didn't get into business just so you could give up control.
The first thing you need to know is you likely have an inflated opinion on the value of your company. Sorry, but that's the cold hard truth.
In addition, at least 80% of your wealth is likely tied up in your single largest asset - the business. The biggest sale you will ever make will be the business itself. Tell the truth, are you really prepared?
Your future, and the well being of many other people, depends on the steps you take over the next few years. You know you need to do something now or it might be too late. After all, it will likely take 3-5 years from start to finish to be fully out of the business.
Right now you may not know exactly what you'll do after the business is sold. That's part of the journey. How about we agree that time with family, good health and a little extended holiday is a great place to start.
When you started or took over the company did you really have all the answers? I didn't think so.
The clock is ticking, whether you're ready or not. Take the first step into your future now. I feel strongly about this because I know if you wait too long, we may end up with more closed businesses than our economy can absorb.
