The largest driver of businesses changing hands in the US is the 77.7 million Baby Boomers who will retire in the next 10 years. 10,000 Baby Boomers a day retire.
38.3% of all US businesses are owned by Baby Boomers. This represents 4.5 million businesses worth an estimated $10 trillion.
80% of all business put up for sale NEVER SELL and are liquidated. Even of the 20% of businesses that successfully sell - 75% of the selling owners REGRET the sale within 12 months of the sale.
What is the reason for these miserable, depressing statistics? A complete lack of planning and understanding of the Exit process.
If your like most business owners, a major portion of your wealth and future retirement income is dependent on your business and your successful exit from that business. Are you prepared? Personally? Financially?
Do you have a plan for your exit? Only 23% of business owners surveyed have a plan.