As Baby Boomer business owners start thinking about retiring they must grapple with the fact that, on average, only one out of 100 small businesses are actually sellable. Even for those businesses that do sell, lack of succession planning results in a 30% to 40% loss in the overall value of their business.
With so much at stake, you may be surprised to learn recent surveys indicate two-thirds of small business owners described their succession plans as “non-existent or poor.” If your restoration business is one of them it’s time to take action, now.
Even if you don’t see yourself retiring for several more years, incorporating a viable succession plan into your management decisions helps protect the value of your business when the time comes. After all, you successfully planned the start of your business, why not do the same to exit and enter retirement?
