Baby boomer small business owners are getting closer to retirement and many of them are preparing to liquidate and take the next step and enter into their golden years. According to Axial, a leading network that combines business owners with sources of capital, 66% of all businesses with employees, nearly 4 million companies, are owned by baby boomers. Unfortunately, too many of these small business owners don’t know how to start planning for “life after business.”
Pro Tip: Email Marketing Works! Get started with bulk email marketing and funnel more sales while building massive databases. Free Demo –
A paper published last month by Kristin Nelson, Head of Private Business Owner Solutions at Bank of the West, charts a course for business owners navigating toward their ideal succession plan (Smooth Transitions: Three Steps for Wholesaler Succession). Nelson discussed with FOXBusiness.com what steps you need to take for a smooth transition when selling your business.
Boomer: If family members are interested in running the business, what steps do I need to take to determine whether passing the baton to the next generation is a viable option?