A Baby Boomer, born in 1946, who retired in 2011 can expect to live about 18 to 19 more years; about 25% longer than their parents lived. Men can expect to live to be 82 years old; women to be 84 years old. While it is exciting to consider how these "added" years could be lived, it also creates a financial challenge.
Longevity can be great--if you plan for it by asking yourself the question: What should I do with the rest of my life now?
Today, there are 22.7 million small to medium sized businesses in the United States. The asset value of these businesses is estimated at over $100 trillion. Among that group of asset owners are twelve million Baby Boomer owners who are hoping to transfer ownership in the next five to ten years.
Many owners dread the process of exit planning; they procrastinate or see it as a sign of growing old or going out to pasture. As one owner said, "At least when you die, you don't have to think about what you are going to do the next day."
Exit planning makes a powerful difference in a successful ownership transfer, but only 13% of business owners have an exit strategy.
Exit Signs by Pamela T. Dennis, PhD is an authoritative source for how to sell and leave a business for those who spent their lives building one. It provides a rich roadmap toward the four goals business owners have when transferring ownership: a profitable sale, pride in leaving a sustainable business, a strong legacy, and a path forward.
Books for Boomers: Reviews & Coaching Tips (FREE ebook edition)
Boomer Retirement Life Tips ($.99 ebook edition)