As my ex-Lecturer Tom McKaskill notes in his column for Smart Company…
It is widely acknowledged that a significant portion of private firms will be coming onto the market over the next 10 years as the baby boomer generation nears retirement.
While some have family members to pass the business onto and others will reach an arrangement with employees to buy out their interests, most will be seeking to sell their businesses. With this background, it is hard to understand why so many fail to confront the issue and fail to undertake business and personal planning to provide the best outcome from such an event.
Some founders simply don’t want to let go of their baby. They have often put the best years of their life into building a robust business and the thought that someone else will take control is impossible for them to accept. While they know that a sale is inevitable, they are simply unwilling to spend any time planning for it because it means they are acknowledging they will be selling their business….
Sound familiar? continue reading…
