Alert! Business owners over 50 contracting Ostrich Syndrome!
What is Ostrich Syndrome? An acute syndrome of a business owner ignoring the eventual transition of their business by sticking their head in the sand. Really? Well…….. no, of course there is no such thing, or is there?
Everyone has heard that when you start your business you should have a plan to exit your business but who does that,
right? Seriously though, if you are over 50 years old, what have you done to prepare an exit strategy for you to exit your business? It’s alarming how many people I talk to that have a plan in their head and they really think this can be done in a couple of months when they get around to it. They know exactly what their business is worth and who is going to buy it, well kind of.
There is a great book, “You Don’t Know What You Don’t Know: Everything You Need to Know to Buy or Sell a Business” that can walk you through the steps of building your team of advisors that you will need to help you with an exit strategy. OH YEAH! I wrote that book.
All sarcasm aside please think seriously about these questions:
- Have you been told by a professional how much your company is worth?
- Do you know how much money you need for retirement?
- Do you have a tax strategy for the sale of your business? This could equal 40%!
- Is your company marketable?
- Do you have the right team of professionals that can help you with the transition of your
These are very serious questions with very serious outcomes. Don’t be caught short only a few
years before you’re ready to retire. If the sale of your business is your retirement vehicle, let’s
make that sucker look like a shiny new dime, not a white elephant.
This is what we do! We help build value in Companies for the eventual sale of the company or
transition of the business to someone who has already been identified. This is not an easy
process. There are hard questions that have to be answered and tough decisions that have to be made. While I can’t walk you away from making a hard decision we can help you make those hard decisions make sense.
In the best situation you should have started your exit strategy years ago. However, three to five years is still plenty of time to get on the right track to make sure you reach the finish line and accomplish your goals. Don’t be like an Ostrich and stick your head in the sand! Give us a call today and get a copy of my book “You Don’t Know What You Don’t Know: Everything You Need to Know to Buy or Sell a Business.”
To learn more, contact Steven Denny at firstname.lastname@example.org or 636-699-8044.