Benchmark

Archives

What to do With Your Business to Make it More Appealing in Light of the Baby Boomers' Crisis

What options are there for you when looking to retire? The three main ones are to sell, pass the company down to family or to shut it down completely.

The latter may seem dramatic and not sound so appealing, especially after years of establishing a business and investing copious amounts of time and money into the venture. Unfortunately, for the baby boomer generation, it is increasingly likely that this could happen if a well thought-out succession plan is not implemented.

There is much speculation as to why there is a succession crisis – here are a few possible scenarios as to why this has happened:

THERE IS NO ONE IN PLACE TO TAKE OVER THE BUSINESS

The generation after baby boomers, Gen X (typically those born between the early 1960s and early 1980s) are not as numerous as their predecessors. The generation after, millennials (typically born between the early 1980s and the millennium) are generally not yet of an age to take over a business.

RAPID CHANGES IN AUTOMATION & TECHNOLOGY

Those Gen Xers and millennials who do want to start a business will not want to take over one they feel is antiquated. A lot of businesses now have an online offering, or machines to automate the process, and this is changing how business is done. As such, the younger generations may not want to go into a business in an industry that will not be around for
much longer.

READ MORE >>

What Are My Options If I Can No Longer Run My Business?

You’ve just walked your client outside and thanked them for stopping by, another successful day of work accomplished. You lock the front door of your establishment and your phone rings. It’s your wife. She’s calling to let you know the test results you had been anticipating from the doctor came in. The doctor regrets to inform the family that the results showed your wife does, in fact, have cancer. Your heart stops as her following words become a blur.

Your immediate reaction is “I need to get home now.” You don’t know how to bring her comfort. You feel helpless; there isn’t a cure for cancer. There are treatments, but you don’t even know what her prognosis is yet. A flood of emotions fill you as all your responsibilities come to the surface of your mind. “My wife is sick, and she needs me. My business can’t run itself. My bills won’t pay themselves. The work won’t do itself. What am I going to do?”

We like to think scenarios like this will never befall us; unfortunately, they can, and they do. There are things that can come up in life at any time without warning, and we need to know our options. As a business owner, encountering a turn of life events such as this might give you a new perspective on what’s important to you. You might want to spend more time focusing on your family and less time on the business. You need to know that you have various options to achieve this goal, and each option has its advantages and disadvantages.

Here are some options if you want to take a step back from your business quickly:

READ MORE >>
1

Subscribe to Email Updates

Recent Posts

Follow Us on Twitter