According the U.S. Bureau of Labor Statistics, there are presently about 30 million small businesses in the U.S. They are collectively worth over $10 trillion. Approximately 60% of these business owners were born before 1964, which makes them part of the baby boom generation, and nearing retirement age. Looks at it this way: A Baby Boom business owner is turning 65 every 57 seconds, and that will continue for the next 15 years.
If you are within 10 years retiring, now is the time to start making plans. Here are 4 quick tips to get you started:
- Hire and train a #2 person. Preferably, this person should be 15 years younger than you.
- Set goals for investing both within your company as well as outside of your company Diversification is important..
- Start planning at least 10 years before you want to retire.
- Investigate who buys businesses like yours, how they are valued, and the use that data to value your company over the next 10 years.