We Hope To Sell the Business So that We Can Retire!
A business owner and her husband told me the title to this blog the other day while in the grocery store. I had asked how the business was doing and the owner said, “So-So. We are keeping our heads above water.” The husband said, “We will continue to work a few more years and then sell the business to fund our retirement.”
I asked the business owner how old she and her husband were. Both were almost 70 years of age– with no thoughts of retirement anytime in the near future.
This is, sadly, quite common with many business owners that we work with today. Nobody has given any thought to the exit strategy or succession planning they have with their business. We have addressed this subject before in some detail, however, the reason we come back to it is that exit strategy and succession planning are one of the most important points of business operation.
This particular business owner thought that her son and daughter in law would come and operate the business after they retired from active military service. Well, something happened and the son and daughter in law did not come operate the business. Now, what happened is not my business. However, as an active consultant, we want people to be successful with their business. Succession planning is part of that program.
If you don’t have a succession plan/exit strategy, today is the day to begin that planning. Any business or organization needs to have a succession plan for all owners and key individuals. If this matter is not addressed, the day comes when either the business has failed, has done exceedingly well or is someplace in between and the leadership wants to retire/quit or change positions. Knowing how change will occur prior to it happening precludes some nasty surprises that may be unforeseen.
If you need help on succession planning, please call our office. We can help make this challenge less daunting. Phone-406-672-6387.