Nice piece on some of the things to consider when planning succession and retirement. The more the topic is aired the more likelihood of conversations taking place on a timely basis to enable business owners to consider their options and the next generation to be appropriately engaged too.
As always, communication is key and it all starts with a conversation! And a willingness to discuss the topic too!
Baby boomers privately own more than 12 million businesses across the country, according to California Association of Business Brokers, and with the oldest members of this generation now approaching their mid-70s, some are thinking about transitioning out. The problem is, business owners are busy running and growing their companies and often too busy to think about how they might exit the business. “Retirement” is not a frequent word in their vocabulary, which often results in a lack of retirement-planning, both for the future of the company and with the family finances.