Increase In Boomers Selling Their Businesses

An article in today’s Rochester Democrat & Chronicle point out that Baby Boomers are selling and retiring from their small businesses at a higher rate. Reasons cited by owners include an inability to keep up with social media, higher taxes and economic uncertainty. In many cases, boomers don’t want to be working at 75 unless that have to.

Lets clarify who baby boomers are. According to Wikipedia, “The generation can be segmented into two broadly defined cohorts: The Leading-Edge Baby Boomers are individuals born between 1946 and 1955, those who came of age during the Vietnam War era. This group represents slightly more than half of the generation, or roughly 38,002,000 people of all races. The other half of the generation was born between 1956 and 1964. Called Late Boomers, or Trailing-Edge Boomers, this second cohort includes about 37,818,000 individuals, according to Live Births by Age and Mother and Race, 1933–98, published by the Center for Disease Control’s National Center for Health Statistics.

So we are now witnessing the Leading-Edge Boomers retiring and they have certainly earned the right. With the economy up, selling must look attractive if they have made money in the last few years.

Selling sounds good until you try it. Many people think their business has value far above reason might dictate. In many cases the small business may have lost money the last few years but the owners expect to walk away with a handful of money.

If you are thinking of selling, think ahead. Get a plan and work with consultants or an organization like ours that can help maximize you profits by pointing out places to save and preparing you for the sale. A great business broker can be a real asset to you and your company if you bring them in early.

If you are still passionate about your business, stick around. We can help you do that as well. While we can not change economic uncertainty (as it is all relative), or taxes, we can certainly help you understand and utilize the Internet better to increase sales. That alone is part of a plan to make your business stronger for an eventual sale. 

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