Introduction to Exit Planning
Fast FactsWithin the next 20 years more than 90 million people in the United States and Canada will be retiring. These are the “baby boomers” born between 1946 and 1964
Baby boomers wants and needs have dominated and driven the marketplace to a greater extent than any other generation. Consider the Frisbee, the Hula Hoop, McDonalds, Burger King, Kentucky Fried Chicken, to name a few, all products of the boomer generation and a social life spent primarily in a car.
Baby boomers have been the most affluent and influential population group in the history of mankind
Baby boomers are getting ready to retire and when they do they will transfer $ 10 trillion to later generations. – the largest wealth transfer in history.
The vast majority of baby boomer’s wealth is in stock in more than 12 million privately held businesses and during the next 10-15 years, more than 70 percent of these companies will change hands.
Why is this significant ? A great many business owners, baby boomers included do not have an exit plan and many do not have any family members looking to succeed them.
What is an Exit Plan and why do I need one? An Exit Plan is a comprehensive road map to successfully exit a business while ensuring that the value of the business and the return to the business owner at point of sale have been maximized.