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We make a living from managing the tax and business aspects of transitioning businesses, but does that mean we always recommend that you sell? The answer is definitely not!
For the last 15 years, financial planners and M&A professionals have been predicting the great transition of baby-boomer-owned-businesses to new ownership. Considering this, owners should have been cashing in on their lifetime’s work in far greater numbers than they have. So, what happened?
There are several factors that might explain the lack of business transitions seen in this demographic:
A Planned Exit
Planning your business transition is an important process one we all know won’t be easy from both an emotional and strategic perspective. That being said, selling your business may not be the best option for you. I know lots of business owners who have made a decision to keep working and eventually close the business when they have had enough. This too can be a practical and beneficial strategy.
The best advice we can give you is to sit down and have an honest discussion with yourself, your family and your trusted advisors. You might be surprised where it leads you.