How can baby boomers prepare for a business exit strategy?

It depends on which study you read or who you listen to, but there’s one fact many employers face: There are 76 million people born between 1946 and 1964, commonly known as baby boomers. By many estimates, 9.2 million business owners are over the age of 50 and approximately 8 million business owners will leave their companies in the next ten years.

If you are part of this cohort of older business owners, you have some decisions to face. These range from financial savings to selling the business, and none of these decisions are that simple. As business owners begin to think about their future decisions, it is clear that many owners may not have prepared a plan to transition their ownership into partial or full retirement.

Consulting professionals assume that business owners need a plan to transition their business. I confess to being part of that group. Several questions are usually asked: “What is your exit strategy?” “I’m sitting on it.” “How much do you have set aside for retirement?” “Enough, I guess.” “How much is your business worth and when do you plan to sell it?” “I’m not sure, and who said I want to sell?”

I recognize that for you, this may or may not be familiar. But these are statements to questions that I have heard for several years. Consider this example: A man retires and comes home on a Friday afternoon to greet his wife. She greets him at the door: “Here’s the mop, the broom, the vacuum cleaner and the wash rag…these are your daily chores…stay out of my way while you’re at my house…oh hello Honey, I love you, I’m glad to have you home.”

Is this a possible scenario that prevents a business owner from retiring? What if it is the woman who retires? Are you the type of owner who has been successful in business without a plan? If so, what is the appeal of developing a retirement plan? What would you like to do in retirement?

Much to the chagrin of planners everywhere, you may not want a transition plan or an exit plan. Much to the chagrin of those ever-hopeful young professionals who aspire to be business owners, you may not think they’re ready to take on the complexities of a business like yours, either. “I don’t know if there is anyone who can run this business like I have, it’s so complex.”

So do you really need a plan to transition from one career to the next? Not necessarily, although it could help reduce the stress and anxiety of those who advise you and care about you. Are you open to an alternative?

Success may be backed by a plan, but a plan is a tool. Success has been shown to be most influenced by an individual’s level of self-awareness and authenticity. Success in retirement can be achieved by understanding how you can create your dream role in retirement by determining what you need to do to become more self-aware and authentic.

Consider the role change a business owner will make: full-time employment to partial or full retirement. The role change requires the owner to change expectations of him. But if we know what contributed to your success, we can also understand how to use that knowledge to help you create a successful retirement. And let’s not underestimate the importance of this change in roles: a life of work for 40 years or more to a life full of uncertainty?

The process is simple. First, let’s understand how you make decisions about yourself. Second, let’s understand who you are and get to know each other better: your talents, behaviors, motivations, and natural strengths. Third, once you know yourself and become more self-aware, you’ll be ready to choose yourself: how true you can be to your inner talents is the real key to creating authenticity in your new retirement role. . Fourth, create yourself: pull the trigger and start on the road to retirement; and fifth, reinforce your efforts through regular review of the path you’re taking and readjust as needed as you near retirement, always being prepared to acquire additional skills.

Career transition can be an exciting process where you can become more aware of your natural talents, behaviors, values ​​and strengths; understand how this affects your future vision of a successful retirement; and, by raising your level of self-awareness, becoming more authentic to yourself: more confident, more meaningful, and more connected to the new roles you’ll choose.

What are your talents, your abilities, your reasons and your path? Where do you want to go? How do you want to get there? What is your belief that you can get there?

In life’s wonderful journey through personal and work roles, would it help you a little if you could learn to be fully self-aware and authentic? If he started in business so he could live his dream job, doesn’t it make sense for him to start retiring while living his dream retirement?