It depends on what one means by “retire.” Stepping back is possible for many if they and their advisors can empower capable lieutenants. It’s important to differentiate between “owner” and “manager” in the second generation of leadership, as the boomerpreneur may choose to keep the business as an asset to be included in estate planning.
One of the things entrepreneurs plan for is the time that they will eventually sell their company. Currently many older business owners have found it difficult to reap the anticipated rewards of retirement. As the author of the Entrepreneur Exit Strategies for your Business pointed out, “it’s not enough to build a business worth a fortune; you have to make sure you have an exit strategy, a way to get the money back out.” If businesses were once very successful, the economy may have impacted their current worth. Even with what may once have been considered a strong exit strategy, plans may have been affected by the economic downturn.
Boomers trying to sell their businesses are receiving offers that are not enough to finance their retirement. In the Wall Street Journal article The Economy Stole My Retirement, it noted that one small business owner expected to sell for $2…
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