Ten trillion dollars?
More than 2,100 leaving every day?
What will it take to help business owners recognize they need to plan their exit well in advance of the event? Every professional (who works with these individuals) should be asking the very same question. But it appears that business owners are simply not good listeners. Or don’t care. Or…maybe advisors aren’t asking. Shame on them.
There is no denying the fact that this is a once in a lifetime occurrence. A tidal wave of opportunity, money and potentially…problems. Baby boomers are saying goodbye to their companies in record numbers and will continue to do so for about the next 10 years. Whether it’s horizontally or vertically, they are leaving. And those who are fortunate enough to go while they’re still sucking oxygen need a plan. They’ll get one chance to do it properly if they want to capitalize on years of work and sacrifice.
A well-informed attorney told me, it’s all about “control”. If you ask a business owner why they started their company, it was probably because they wanted to control their lifestyle, earning potential and independence. But many individuals now find themselves in the uncomfortable position of the company controlling them. Market changes, technology, competition, government regulations, etc have exerted more pressure than they anticipated and now these entrepreneurs spend every ounce of energy working in the business. Never taking the time to work “on” it.
Procrastination is poison. And that strategy will never help them regain the helm.
If you look at the statistics, few business owners have taken the time to properly protect what they have worked so hard to build; and this neglect will affect lots of people. The owner, spouse, family, and employees…yes, this is the gift that keeps on giving.
If you’re involved, grab a board (aka a “plan”) and start paddling.
Ten trillion dollars. That’s a 10 with 12 zeros after it. $10,000,000,000,000.
What will it take?
selling technologies 