You, or someone very close to you, are part of 78 million Americans that make up the largest population segment in the United States: Baby Boomers. This generation is classified as anyone born between 1946 and 1964. According to a recent study by BIG Research, 9% of boomers with household incomes exceeding $50,000 are small business owners. Using simple math that means 7 million companies in the United States are owned by individuals 44 – 62 years old.

If you or a family member fall into this category (baby boomer business owner), what is your exit strategy with your business? Currently, 33% of business owners in America will successfully transfer their family business to the next generation (Family Firm Institute). If you fall into the majority of US business owners (67%), then your children (X & Y generations) have opted to not follow in your footsteps of taking over the family business, leaving you with significant, life shaping decisions. 

Now more than ever it is critical that baby boom business owners figure out where they stand so they can strategically navigate for the future. Determine your ideal destination and end result, then reverse engineer your path to reach those specific goals. For the retirement planning of a small business owner, the starting point in all of this should be a small business valuation. It takes years to build a successful business, don’t rush your exit. Know your value, know your business!

Tags: business exit plan, business exit strategy, business planning, Business Valuation, transfer of business ownership, transfer your business, value of your business