The next decade may see an unprecedented transfer of business ownership. As reported in StartupJournal, the first baby boomer entrepreneurs turn 60 this year and many are looking to retire. The story takes an interesting perspective on exit planning. It is not just about the business and financial planning. A sixty year old today will likely live at least another twenty years, so these entrepreneurs need to think about planning their lives, as well.
Already having a doctorate (thanks to Jimmy Carter’s horrible management of the economy when I was getting my MBA in the late 1970s), my next step in life after we sold our business was relatively easy to decide. I say relatively, because my adrenalin was still pumping when we sold our business and I was ready to jump into another deal. Thanks to my wife. I slowed down and thought about my life and what I should do next.
Exit planning needs to focus a great deal on what you are going to do after you go through the exit.
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