Most business owners have never planned for the future of their business. They have never written a business plan or a marketing plan. They have not arranged for business continuation with their spouse, heirs, or business partners. Most have never had “worst case scenario” discussions with their management team.
It is no surprise, then, that more and more business owners are nearing retirement age and yet most business owners have never considered their eventual transition into retirement. America is facing a “silver tsunami” in coming years.
Despite the lack of planning, most business owners plan on using the sale of their business to supplement their retirement funds and support their preferred lifestyle in future years.
A reasonable amount of time to prepare for an eventual exit is five years. Why five years? It takes time to identify and correct problems to build a track record of year-over-year profitability so that a business can sell for top dollar.
Having said that, business owners sell for reasons other than retirement, too. Other motivators are partner disagreements, divorce, better opportunities, distraction, family pressures, shifting demand, burnout, declining health, and any number of other reasons.
Whatever the reason for transition, Thrive Acquisition helps business owners work toward their preferred future. After initial analysis, Thrive Acquisition provides business owners with knowledge and tools to help the business become more profitable, position for transition, and reduce risk.
Contact Thrive Acquisition today to find out more about Exit Planning for your business!