Valuation and Succession Planning
There’s a perfect storm approaching for exiting business owners according to one expert. Three major forces are at work and together they are impacting the owner’s situation exponentially:
- Many businesses for sale. There will be lots of competition for the retiring business owners and all will drive prices down.
- There are not nearly enough funds to satisfy all the sellers looking to transact
- The economy goes in cycles and there is only a short amount of time left for sell
How will you continue your business success?
- How will you retain, reward & attract key talent?
- How will you ensure business continuity?
- Do you have a “Buy-Sell” agreement in place?
- How will you protect your business from the loss of a valuable employee?
- Do you have an “estate plan” in place and funded?
- Have you identified a successor?
The Answer: Succession planning – from day one.
With large numbers of Boomers set to retire, everyone is talking about how to help them make that happen. Unfortunately, many business owners are having these conversations too late. Let TMRG help you start that process.