Business Owners Don't Retire (completely)
I help business owners to prepare their ventures for a graceful transfer of ownership.
Very few plan to "retire" as in, sit in a rocking chair and no longer be active and engaged. They sell businesses, then take some of the proceeds and buy their next business or partner with their kids and younger friends in new ventures.
The definition of retiring is changing, particularly to entrepreneurs. In a recent Gallup Small Business Index survey, only 11 percent said they will stop working completely in their businesses in the long run.
An optimistic 62% say they expect their businesses to continue after they stop working. While 33% said their businesses will stop when they do.
Rusty Fischer of Fischers at Port Canaveral, a central Florida restaurant told me that when he sold Bernard's Surf, begun by his father around WWII, that he used proceeds from that sale to purchase a liqour store. "Where was I going to put it, the stock market," he asked me incredulously. (The market had dropped 300 points the previous week).
Entrepreneurs do business to make money, of course but they love the game. The more they've played that game, if they've won some, the more they love it and want to play more.
Smart business people approach new opportunities like venture capitalists. They invest their time and resources when they have a clear idea of how and when they will exit and with what return on their investment.
Learn more about being a venture capitalist and transferring your organization successfully at BeCauseBusiness.com or call 800.249.1622
Sunday, December 2, 2012
Adapting to Change During Challenging Times
Adapting to Change During Challenging Times
Economic concerns have become frightening. The news has been bleak nationally, globally and locally for credit, investments and rising unemployment. As a management consultant and business coach, I have been advising clients throughout 2008 to trim expenses, particularly payroll. In the last weeks of the year, I'm now speaking to business groups urging owners NOT to cut payroll. Instead, focus on how to improve products and services, specifically by quickly improving the training and development of staff.
What do your clients value most in what you offer? How might you add value? Communicate directly with your clients. Collaborate with them closely in the products and services which they need most. This is the time to insure your customers know you're there and focused on meeting their most crucial needs. Meet with your employees to engage them that if they wish to remain employed, they must focus on better serving customers’ deepest needs. Make your workforce more productive. Additional layoffs will weaken your firm’s profit engine and only accelerate the economic decline and worsen foreclosures and the economy.
Today I’m going to talk briefly about three business concepts: creative destruction, appreciative inquiry and project management.
Creative Destruction
One way we may look at this current economic period is as a time of “creative destruction.” The idea of creative destruction was introduced in the 19th and early 20th century by Mikail Bekunin, Friedrich Nietzsche and Werner Sombart. Sombart wrote Krieg und Kapitalismus (War and Capitalism) (1913, p. 207), where he wrote: "again out of destruction a new spirit of creativity arises". Companies and products that once dominated societies and cultures are replaced. Examples of companies are Xerox in copiers and Polaroid in cameras. Walmart has replaced Montgomery Ward, Kmart and Sears by using superior marketing and management of inventory and personnel. Product examples include cassettes replaced by 8-tracks, CDs and now mp3s.
Successful innovation leads to market power which erodes the profits of existing giants only to itself succumb to the pressure from new entrants to the field. General Electric is the third largest company in the world. They have used the principle of creative destruction with their product lines scaling back and then discontinuing products which are still profitable if new innovations aren’t introduced. This is done to keep their lines fresh, creative and dynamic.
Appreciative Inquiry
Appreciative Inquiry is building on what’s working, not fixing what’s broken. What is working best and how can you expand that. Work with your employees to identify what your customers love most about what you do. Collaborate with them on how to deliver it faster, better and cheaper. Then, collaborate with your customers on how those products solve their problems and together figure out how to meet those deeper needs faster, better and cheaper.
Project Management
Project Management is a science of getting things done with groups of people. Every organization has stalled projects and dilemmas. Learn more about project management methods to accelerate your project completion. I am one of a group of consultants offering free workshops on a variety of management methods to help groups adapt to our challenging times. We connect businesses with the exact skills and knowledge needed via networks of business resources.
Free Business Assessments
We offer free business assessments to collaborate with owners, evaluating what projects hold the greatest promise for their business sustainability and survival.
To conclude, an attitude of aptitude is essential to avoid depression when chaos is everywhere. Each of us must be leaders, take control of our direct individual situation and make the best we can with it. We can't just give up, sit in bed and pull the covers over our heads. Yes, there are problems, so what, there have always been problems. Let's look at what's working. With credit stopped, we're reducing debt. Is it hard? Of course, but it'll force us to be more creative and value what we have.
How do I provide value and to whom?
Can I meet my clients’ needs more effectively? What would help my clients fulfill their needs better, faster or cheaper? Promotion of our staff, product and service will capture clients' attention. Then as the market recovers, our market share will expand and we will have grown and benefited. The time is now to organize priorities, establish what's needed and train staff to take responsibility to do the same with their departments. We can do this! What's next? What can we do together? Where shall we start?
Why Celebrate?
Video on YouTube and Audio of John Anderson speaking at Unity Center for Positive Living.
The 2012 holiday season is special with the 25 year conclusion of the Harmonic Convergence, staring into our galactic black hole for eight minutes, the end of the Mayan calendar and the numerological significance of 12/12/2012. We may not be ready, but ready or not, the holiday season is here along with the fiscal cliff and possible accelerating ecological calamities. Why Celebrate? Learn John's three reasons to make this your best holiday season ever and consider the gift and challenge he offers. John spoke at Unity Center for Positive Living, Centralia, Washington on Sunday morning December 2, 2012.
Why Celebrate?
Celebrations mark changes in cycles, beginning and endings, births and deaths.
We are in the midst of a variety of great cyclic changes, we always are. We have personal, individual cycles and our more collectively experienced lives together. We each live in multiple realities. There’s our inner and our outer lives: our families, work and the national and global events. During the last 20 to 40 years, our lives seem to have become increasingly complex.
Three weeks ago when I decided to do this talk, I was considering topics around prayer and metaphysics. It was suggested that a Christmas topic might be good, given the date. Considering a talk on the holidays has gotten me digging deeply into my life. I’ve struggled working through my feelings about the holidays, family and my feelings of loss and regret.
Black Friday Frowning Realization
Walking around stores after Thanksgiving and seeing myself in mirrors and windows, I noticed I was frowning. I said to Kate, I look like I’m frowning. I was more surprised when Kate said: "Yes, you are frowning." I wanted to argue and insist, “No, I’m not frowning,“ But as I walked along past more mirrors, I had to admit that I was frowning. I had to admit I was feeling grumpy, even angry. Well like it or not, the holidays are here, so I might as well enjoy them, I’ve decided.
We’re 10 days past Thanksgiving. Christmas is in three weeks. Hanukkah begins this Saturday, Kwanzaa is the day after Christmas. There’s New Years’ and recovery in January. This year, however, is special. Winter Solstice this year may have an unusual kick. To get ready, there is 12/12/2012, the numerological conclusion of the past twelve years which began on 1/1/2001.The numbers one, two and twelve have held special meanings for hundreds and possibly thousands of years of human history. There are auspicious days when things just work magically and other days it would be best not to begin major projects. You decide, what kind of a great day will you make December 12th?
Harmonic Convergence
In addition to the regular holidays, 2012 is the year we looked forward to 25 years ago at the Harmonic Convergence celebration in 1987. This year is the end of the Mayan calendar. There seems to be two major cycles concluding: one 11,000 year cycle and the other, a 26,000 year cycle. In both cycles, the Earth is in an unusual alignment with the stars.
A special ingredient is talk of an 8 minute window, on solstice, December 21st, when we will be in direct alignment with the very center of our galaxy. I’m getting various stories here. We’re aligning with the center of the Milky Way or the center of a “super galaxy” which is much larger than and includes the Milky Way.
Staring Into Black Hole
One story I heard at a gathering last night is that we will be staring directly into a black hole at the center of our galaxy. Black holes are now thought to reside at the center of a galaxy. This year is special because there will be no stars or gas clouds blocking the powerful cosmic rays between the black hole and Earth on Solstice.
Scientists who take core samples of ancient ice have found much higher levels of the heavy metal iridium in the atmosphere every 11,000 years, I was told yesterday. Iridium is a rare, very heavy metal on the table of elements. Some have raised concerns that these heavy metals and cosmic rays can affect genes, resulting in mutations and causing disaster to life on earth. Now, there are many conflicting stories.
NASA has announced there is no evidence that galactic events will be any different in the coming days from any other days. There have been stories of the end times since before the birth of Jesus. The apostle Paul rushed to convert as many pagans to Christianity before the end days he believed were imminent. The world has always been full of those predicting “The End.”
Fiscal Cliff and Ecological Calamities
There’s also talk of the fiscal cliff in politics and economics and ecological disruptions from global warming, melting ice, rising water levels and more dangerous storms. We can move beyond myths, fears and negativity. We can’t ignore what the evidence is. We can take action but we don’t need to be run by fear. We can choose another way of thinking, speaking and being. We are the Center for Positive Living.
Barbara Marx Hubbard and others in 1987 talked and predicted an expected increase in human understanding, consciousness and harmony. I’m not sure, but it certainly sounds more empowering than fear, doom and gloom. There are various positive approaches to the future. Barbara Marx Hubbard and 14 other futurists have begun a group called Birth 2012 as a new way of thinking and being.
The Art of Life
A wise old friend, Solala Towler, publisher of the Empty Vessel Taoist Journal, reminded me that it’s all what we do with the circumstances, not the circumstances themselves. There are always “circumstances.” The art of life is what we do with the cards we’re dealt, and not the cards themselves.
I see a direct connection between our ability to decide and take action to reach goals. We can decide to celebrate, like we decide to create and what to create.
So, Why Celebrate?
I’ve been researching, reflecting and discussing with colleagues who deeply study spirituality, mysticism and Tarot. Maybe the best reason to celebrate is because we can. Like we can create and we have options about what to create and why. The gift of life is directly connected to creation, I say, to deciding to celebrate.
We can choose to end some cycles and give birth to new ones. I’m identifying and closing some projects in my work and business, so I have time and capacity to open new projects.
Three Reasons To Celebrate!
I propose there are three reasons to create a great holiday season this year:
1. First, I urge each of us to be a good metaphysician. What is a metaphysician? Metaphysics is seeing beyond the obvious daily reality of routine habits, time, space, cause and effect. We fall asleep in our routines of daily living. Wake up! This is life. If we’re not in pain, hurray! If we are in pain, get help. Pain or not, at least, we are alive. Life is hard, we know that. It’s also glorious!
2. Second, let go of the old and catch your next shooting star. Let go of the hurts, regrets, resentments, and frustrations. If some thoughts or relationships are not feeding you, change them. Stop telling these stories to yourself and to others. Dig into your inner self. Listen to your intuition. Fire up your imagination. Share with and serve others to gain new insights into your own life and gifts.
Fear keeps us alive, but too much fear is toxic. Fear may have had a significant part in the history leading up to the birth of Jesus as the savior. The Jews and peoples of Palestine were oppressed by the Romans and others before the Romans. They dreamed of freedom. They yearned for a savior. Jesus was seen as that savior. Jesus offered a metaphysical, spiritual solution, not a military one.
Kate reminded me that the Jesus’ life and teachings have been a major turning point in the history of mankind. The honoring of love of your neighbor as yourself, and recognition of the divinity of all humans, regardless of station or position. He taught to honor all people including the prostitute and the tax collector. These were and still are revolutionary ideas in the ancient culture of privilege, power and wealth.
Find Shooting Star or Build Rocket Ship
We can let go of the old and embrace the new. We can turn to pray, ask for guidance to release us from hurt and regret. If you are in spiritual and emotional pain, ask your network of support here at Unity and elsewhere. If your needs exceed the abilities of your support network, add a specialist, hire a coach, go to a minister or counselor, go to a doctor or healer. Depend upon and practice an expanded, more vibrant prayer life. Write about what you are feeling. Share your feelings with trusted friends. Find that next shooting star or build a rocket ship to be that vehicle to take you to the destination you dream to enjoy.
3. Three, it’s up to you to create what you want this season and always. Use external events to bolster you, not to wear you out. Jesus’ message of love, turning the other cheek and serving others has revolutionized the cynicism and resignation that has plagued humanity as we have developed our spiritual consciousness in the last million years. Christmas is a tradition begun about 100 years after the death of Jesus, so far as I could research. It was built upon the much older pagan celebrations from tens of thousands of years first celebrating good hunting with a great feast and later great harvests and the end of work in the fields as winter descends.
My Gift and Challenge
We are the Center for Positive Living. I have a gift and a challenge for myself and for each of you. Choose to Create. Choose to Celebrate! If you feel wounded and unable, get help. But, as soon as you can decide to create a positive life for yourself and for each person you can contribute to. We are the Center for Positive Living.
I offer a gift to you and to myself. My gift is that we write prayers and put them in this prayer box and periodically send them to Silent Unity where they’ll be prayed over for thirty days before final release. Let’s connect more with Silent Unity. We can send prayers online at Unity.org, keep our prayers on our altar at home or here in this prayer box.
Four Magic Words
Don’t judge, give thanks. Be grateful and appreciate what is. Let’s practice and learn how to be good metaphysicians. Let’s celebrate!
Watch the video of this talk - UnityCentralia.org or BeCauseBusiness.com
The 2012 holiday season is special with the 25 year conclusion of the Harmonic Convergence, staring into our galactic black hole for eight minutes, the end of the Mayan calendar and the numerological significance of 12/12/2012. We may not be ready, but ready or not, the holiday season is here along with the fiscal cliff and possible accelerating ecological calamities. Why Celebrate? Learn John's three reasons to make this your best holiday season ever and consider the gift and challenge he offers. John spoke at Unity Center for Positive Living, Centralia, Washington on Sunday morning December 2, 2012.
Why Celebrate?
Celebrations mark changes in cycles, beginning and endings, births and deaths.
We are in the midst of a variety of great cyclic changes, we always are. We have personal, individual cycles and our more collectively experienced lives together. We each live in multiple realities. There’s our inner and our outer lives: our families, work and the national and global events. During the last 20 to 40 years, our lives seem to have become increasingly complex.
Three weeks ago when I decided to do this talk, I was considering topics around prayer and metaphysics. It was suggested that a Christmas topic might be good, given the date. Considering a talk on the holidays has gotten me digging deeply into my life. I’ve struggled working through my feelings about the holidays, family and my feelings of loss and regret.
Black Friday Frowning Realization
Walking around stores after Thanksgiving and seeing myself in mirrors and windows, I noticed I was frowning. I said to Kate, I look like I’m frowning. I was more surprised when Kate said: "Yes, you are frowning." I wanted to argue and insist, “No, I’m not frowning,“ But as I walked along past more mirrors, I had to admit that I was frowning. I had to admit I was feeling grumpy, even angry. Well like it or not, the holidays are here, so I might as well enjoy them, I’ve decided.
We’re 10 days past Thanksgiving. Christmas is in three weeks. Hanukkah begins this Saturday, Kwanzaa is the day after Christmas. There’s New Years’ and recovery in January. This year, however, is special. Winter Solstice this year may have an unusual kick. To get ready, there is 12/12/2012, the numerological conclusion of the past twelve years which began on 1/1/2001.The numbers one, two and twelve have held special meanings for hundreds and possibly thousands of years of human history. There are auspicious days when things just work magically and other days it would be best not to begin major projects. You decide, what kind of a great day will you make December 12th?
Harmonic Convergence
In addition to the regular holidays, 2012 is the year we looked forward to 25 years ago at the Harmonic Convergence celebration in 1987. This year is the end of the Mayan calendar. There seems to be two major cycles concluding: one 11,000 year cycle and the other, a 26,000 year cycle. In both cycles, the Earth is in an unusual alignment with the stars.
A special ingredient is talk of an 8 minute window, on solstice, December 21st, when we will be in direct alignment with the very center of our galaxy. I’m getting various stories here. We’re aligning with the center of the Milky Way or the center of a “super galaxy” which is much larger than and includes the Milky Way.
Staring Into Black Hole
One story I heard at a gathering last night is that we will be staring directly into a black hole at the center of our galaxy. Black holes are now thought to reside at the center of a galaxy. This year is special because there will be no stars or gas clouds blocking the powerful cosmic rays between the black hole and Earth on Solstice.
Scientists who take core samples of ancient ice have found much higher levels of the heavy metal iridium in the atmosphere every 11,000 years, I was told yesterday. Iridium is a rare, very heavy metal on the table of elements. Some have raised concerns that these heavy metals and cosmic rays can affect genes, resulting in mutations and causing disaster to life on earth. Now, there are many conflicting stories.
NASA has announced there is no evidence that galactic events will be any different in the coming days from any other days. There have been stories of the end times since before the birth of Jesus. The apostle Paul rushed to convert as many pagans to Christianity before the end days he believed were imminent. The world has always been full of those predicting “The End.”
Fiscal Cliff and Ecological Calamities
There’s also talk of the fiscal cliff in politics and economics and ecological disruptions from global warming, melting ice, rising water levels and more dangerous storms. We can move beyond myths, fears and negativity. We can’t ignore what the evidence is. We can take action but we don’t need to be run by fear. We can choose another way of thinking, speaking and being. We are the Center for Positive Living.
Barbara Marx Hubbard and others in 1987 talked and predicted an expected increase in human understanding, consciousness and harmony. I’m not sure, but it certainly sounds more empowering than fear, doom and gloom. There are various positive approaches to the future. Barbara Marx Hubbard and 14 other futurists have begun a group called Birth 2012 as a new way of thinking and being.
The Art of Life
A wise old friend, Solala Towler, publisher of the Empty Vessel Taoist Journal, reminded me that it’s all what we do with the circumstances, not the circumstances themselves. There are always “circumstances.” The art of life is what we do with the cards we’re dealt, and not the cards themselves.
I see a direct connection between our ability to decide and take action to reach goals. We can decide to celebrate, like we decide to create and what to create.
So, Why Celebrate?
I’ve been researching, reflecting and discussing with colleagues who deeply study spirituality, mysticism and Tarot. Maybe the best reason to celebrate is because we can. Like we can create and we have options about what to create and why. The gift of life is directly connected to creation, I say, to deciding to celebrate.
We can choose to end some cycles and give birth to new ones. I’m identifying and closing some projects in my work and business, so I have time and capacity to open new projects.
Three Reasons To Celebrate!
I propose there are three reasons to create a great holiday season this year:
1. First, I urge each of us to be a good metaphysician. What is a metaphysician? Metaphysics is seeing beyond the obvious daily reality of routine habits, time, space, cause and effect. We fall asleep in our routines of daily living. Wake up! This is life. If we’re not in pain, hurray! If we are in pain, get help. Pain or not, at least, we are alive. Life is hard, we know that. It’s also glorious!
2. Second, let go of the old and catch your next shooting star. Let go of the hurts, regrets, resentments, and frustrations. If some thoughts or relationships are not feeding you, change them. Stop telling these stories to yourself and to others. Dig into your inner self. Listen to your intuition. Fire up your imagination. Share with and serve others to gain new insights into your own life and gifts.
Fear keeps us alive, but too much fear is toxic. Fear may have had a significant part in the history leading up to the birth of Jesus as the savior. The Jews and peoples of Palestine were oppressed by the Romans and others before the Romans. They dreamed of freedom. They yearned for a savior. Jesus was seen as that savior. Jesus offered a metaphysical, spiritual solution, not a military one.
Kate reminded me that the Jesus’ life and teachings have been a major turning point in the history of mankind. The honoring of love of your neighbor as yourself, and recognition of the divinity of all humans, regardless of station or position. He taught to honor all people including the prostitute and the tax collector. These were and still are revolutionary ideas in the ancient culture of privilege, power and wealth.
Find Shooting Star or Build Rocket Ship
We can let go of the old and embrace the new. We can turn to pray, ask for guidance to release us from hurt and regret. If you are in spiritual and emotional pain, ask your network of support here at Unity and elsewhere. If your needs exceed the abilities of your support network, add a specialist, hire a coach, go to a minister or counselor, go to a doctor or healer. Depend upon and practice an expanded, more vibrant prayer life. Write about what you are feeling. Share your feelings with trusted friends. Find that next shooting star or build a rocket ship to be that vehicle to take you to the destination you dream to enjoy.
3. Three, it’s up to you to create what you want this season and always. Use external events to bolster you, not to wear you out. Jesus’ message of love, turning the other cheek and serving others has revolutionized the cynicism and resignation that has plagued humanity as we have developed our spiritual consciousness in the last million years. Christmas is a tradition begun about 100 years after the death of Jesus, so far as I could research. It was built upon the much older pagan celebrations from tens of thousands of years first celebrating good hunting with a great feast and later great harvests and the end of work in the fields as winter descends.
My Gift and Challenge
We are the Center for Positive Living. I have a gift and a challenge for myself and for each of you. Choose to Create. Choose to Celebrate! If you feel wounded and unable, get help. But, as soon as you can decide to create a positive life for yourself and for each person you can contribute to. We are the Center for Positive Living.
I offer a gift to you and to myself. My gift is that we write prayers and put them in this prayer box and periodically send them to Silent Unity where they’ll be prayed over for thirty days before final release. Let’s connect more with Silent Unity. We can send prayers online at Unity.org, keep our prayers on our altar at home or here in this prayer box.
Four Magic Words
Don’t judge, give thanks. Be grateful and appreciate what is. Let’s practice and learn how to be good metaphysicians. Let’s celebrate!
Watch the video of this talk - UnityCentralia.org or BeCauseBusiness.com
Tuesday, March 13, 2012
Interest Others "...in their own self-love to prevail...."
Listen to an audio podcast of this 9 minute talk. There are small variations between the article posted below and the spoken talk. This talk was recorded on Tuesday, March 13, 2012 at an Early Words Toastmasters meeting at Canterbury Park, Longview, Washington before an audience of 15 members and guests.
When working with a business owner who is transferring his venture to a younger person, there can be a great deal of complexity and detail. This morning, I'm going to remind you that the best way people achieve objectives is by assisting others to reach their goals.
Then we'll look at four communications issues facing older business owners wishing to retire, and we'll close with ideas about how retiring entrepreneurs can make it possible for younger business people to realize their dream of business ownership.
While working on such a transfer recently, I had occasion to read some Adam Smith. As a result, I had insights about the importance of clear communication with diverse persons.
Adam Smith, the Scottish philosopher who lived from 1723 to 1790, said “…man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and show them that it is for their own advantage to do for him what he requires of them.”(1) We can achieve our own objectives best by seeking to advance the objectives of those whose help we need.
Smith goes on to add, “It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard for their own interest. We address ourselves not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.”
The ability to understand, appreciate and communicate with significantly different persons gives us the ability to secure widely diverse assistance with our projects.
Many small businesses are owned by baby boomers. The market these businesses address is shifting to younger persons, aged 30 years or younger, who have grown up with the Internet and cell phones. “Millennials” are the generation born since 1980. They’re finishing college and graduate school, settling into their careers, forming homes and spending lots of money. Millennials don’t watch TV, read newspapers or use phone books.
Traditional interruptive, outbound marketing is becoming less effective. Attractive, inbound marketing is the way young people decide what to watch, read, do and buy. They use their mobile devices to decide which restaurant, theatre or store to visit.
Baby Boomer business owners are facing four distinct communications issues. First, these entrepreneurs are learning to appreciate the values and interests of Millennials and as a consequence, are changing their interruptive marketing to be more "attractive." Many businesses are practicing inbound marketing to avoid being left behind technologically. The Millennials are assuming a larger share of the buying public.
Second, Baby Boomer entrepreneurs are learning to inspire and lead the Millennials they are hiring to be employees. They are learning how to understand and communicate with the Millennials working for their vendors and in some cases their competitors.
Third, the products and services customers demand are changing as our overall culture changes with sweeping technological and economic shifts since the growth of the Internet, mobile phones and digital everything. How are you experiencing the change to digital products and communication services?
The fourth mega change is Baby Boomers will be transferring their business ownership increasingly to Millennials. The Millennial generation has a significantly larger population than Generation X, the generation after the Baby Boomers and before the Millennials.
Not only are there fewer Generation Xers, they have earned less, saved less and taken on more debt than the Baby Boomers at comparable ages. Fewer resources and less traditional bank credit combine to make Gen Xers less prepared to take over Baby Boomers’ businesses than was the case when Baby Boomers took over businesses from the previous generation. Now the Millenials have the same lack of resources or a greater lack than the Gen Xers. There are the added communications issues between Baby Boomers and Millenials, but Millenials are young, eager and if the value differences can be handled they're quick learners and better understand the new technology.
Many, many Baby Boomers have continued their careers and businesses longer than they expected. Stock market volatility, changes in pensions and retirement plans, loss of value in homes have all contributed to many people continuing to work long past age 65.
As Baby Boomers age, a variety of factors will combine to force them to change: Among those factors are market changes, competition, illness or death of themselves or family members. Many small businesses will just liquidate. Others will be sold for a fraction of their expected value.
Smart business owners wishing to retire, will plan early and identify a key employee with interest and enthusiasm. Obtaining assistance from a consultant can facilitate in the transferring of the skills to the younger person. Only about half of businesses transferred are done so successfully. There are ways a younger person with virtually no assets can take over a business they could under normal circumstances never afford to purchase traditionally. Determination, patience and careful communications are of great importance for the retiring owner to receive ongoing payments while the younger entrepreneur grows the business and pays off the former owner. Each can get their own needs met while meeting the needs of the other.
Call John Anderson to discuss optimizing, key person succession and owner exit - 800.249.1622.
Subscribe to:
Comments (Atom)