Dear Baby Boomer Business Owner,
You, like me, are part of a history-making, paradigm-shattering demographic, cultural, and financial tidal wave. You helped shape and were shaped by the gravitational distortion that changed the world. You blazed your own trail; you built a business from the ground up. You toiled long hours, sacrificed, and persevered through hard times. The company you created now stands as a testament to your vision, skill, and determination. It probably accounts for 80% to 90% of your net worth. It’s your legacy. You can look back and be proud. What comes next?
As a generation, we Boomers tend to avoid much long-term planning. About 42% of us are delaying retirement, while 25% of us claim we will never retire. I have been heard to say that myself. Even so, we have to admit that we won’t live forever.
If you don’t do any planning, you will have dropped the ball – after all your hard work. You might not live forever, but your legacy will continue to ripple throughout time.
The company you built is your greatest financial asset. Shouldn’t you take action to eventually convert that asset from potential to actual wealth to 1) fund the “third act” of your life so your kids won’t have to (don’t count of Social Security) and 2) secure your legacy?
It won’t be as easy as you might think. The sad truth is that only 20% of small and midsize businesses that go to market actually sell, even in good times. That’s because most of these companies are not ready to withstand the scrutiny of due diligence. You will be in competition against many other Boomer business owners, so it will be even more difficult to become part of that successful 20%.
Even if you decide to transition the business to family, you will still have to fund your retirement and ensure that the business will flourish under the next generation’s leadership.
There is a way to beat the odds, fund a comfortable retirement, and establish a lasting legacy. A small group of professionals — about 600 of us in the United States, Canada, and Australia – have been specially trained and equipped with research, methodologies, and technology to help owners through this process. Our goal is not only to make you part of that 20% but also help you maximize the value of your business so you can achieve your personal and financial goals.
Contact me to find out more.
Tom Fish, Certified Exit Planning Advisor
Go Beyond, LLC