Contemplating Retirement, Baby Boomer Business Owners are Ready to Sell
One under-appreciated fact about the Baby Boomers is just how entrepreneurial they have been. Sometimes thought of as members of the last generation to enjoy true, lifelong job security, many Baby Boomers nonetheless sought more in the way of independence. On a per capita basis, they founded and built up more small companies than any generation of Americans before or since, according to many estimates.
The Baby Boomers, of course, are now also beginning to retire. In many cases, this will mean that small-business Boomers will hand down to offspring or others the companies they spent so many years building. In others, the Baby Boomer owner and operator of a company will simply slip into a role of reduced responsibility in retirement, finding someone else to oversee day-to-day operations.
Quite often, though, a Baby Boomer who built up a successful small company will want to sell it. A thriving company, after all, can easily represent a large portion of the wealth a small-business-focused Baby Boomer might have built up over the course of a working life. Tapping that wealth by selling could therefore easily allow for a much more comfortable retirement.
Even with these goals laid out, though, not every Baby Boomer business owner will know how to proceed. How to sell your business in such a way as to get the most possible money for it is not always easy to figure out. Selling your business to the first person to make an offer, after all, will rarely be advisable, but even just finding buyers can be difficult.
Many Baby Boomers today therefore decide to work with professional Business Broker. Understanding the ins and outs of the process and always cultivating networks of potential buyers, these experts often have a lot to offer.
A broker, for example, will maintain lists of local investors who stand ready, at a given moment, to jump in and take over a company. Compared to business owners who might otherwise be forced to navigate their own, typically much smaller, professional networks, that can make a truly big difference.
A broker will also be able to help with all of the unique requirements of the business sales process. There are a number of complicated legal and financial requirements that must be observed, and few business owners actually have much experience with these. For just about any Baby Boomer business owner who is ready to sell, then, it makes good sense to look into this option.