STAMFORD, CT / ACCESSWIRE / January 14, 2021 / Research shows that since 2011, 8,000 people turn 65 each day. This is a colossal amount of individuals reaching retirement age, many of them own a business and need to plan for retirement. The market for business sales is entering into uncharted territory as more people will be selling their business in the next 10 to 15 years, than ever before in history. As the Baby Boomer generation prepares to exit their businesses, this will create what Visokey refers to as the "Age Wave."
Founder of Stony Hill Advisors, Paul Visokey, has a background in both finance and sales, and a degree in engineering. His unique combination of skills and experience has equipped him with the knowledge and credentials to expertly represent his clients and coach them on how to maximize the value of their business.
Although the landscape of the business market is facing unprecedented times, according to Visokey, there are a few practical actions that business owners planning to sell in the coming years can take.
1. Develop a realistic view of your business. This requires looking at your business from a non-biased perspective. Your business's potential buyer is not interested in the years of work you put into the business, but rather what they will be getting out of the business if they buy it. This is important to consider both when valuing your business and preparing it to attract the right buyer.
2. Create a plan to increase the value of your business. This won't be an overnight change, rather it might take a few years to increase the value of your business. While doing so, continuously look for potential buyers to sell your business to, or to simply gear your planning towards.
3. Consider your priorities. As you prepare to sell your business, focus on working "on" the business instead of "in" the business, you won't be able to do it all, so realign your priorities to focus on the areas that make the most sense.
4. Utilize an expert. A business exit can be an emotional and stressful time, hiring an expert can ensure you're taking all the right steps to have the most successful exit and not leave money on the table.
Equally important to coping with the Age Wave and planning for a business exit is the awareness of the options a business owner has when it comes time to take their exit. Many business owners assume that the only option to exit their business is to sell it, however, this is not the case. An outright sale makes the most sense if the business owner does not have family or employees interested in or capable of buying the business. In this case, a business sale will either be a stock sale, i.e the owner sells their stock in the company, or they may choose to do an asset sale which would involve the buyer purchasing physical equipment, facilities/property, or even the customers. However, a business owner may elect to keep the business a bit closer to home, in this instance, an employee may purchase the business. This option requires a bit more planning and risk. The employee must be capable of securing the financing to purchase the business and must have the ability to make the business succeed after the purchase. The last option is to keep the business in the family. Again, in order to protect the owner's future, this family member must be financially capable of purchasing the business and should have the proper qualifications to continue running the business. Although there are many benefits, a familial business transaction can be complicated and difficult.
Hiring an expert can ensure the business owner has a proper understanding of the value of their business and can properly position their business for an exit. Furthermore, the support of an expert can help a business owner navigate the emotions of parting with their business. According, to Visokey, a business exit is both physical and mental, and properly preparing for this mental shift, is vital to ensure the best outcome.
"Exit preparedness is more than just business preparedness, there is also a personal preparedness component," says Visokey.
For the next 10 to 15 years, business owners should expect a certain degree of tumultuousness in the market, however, with the proper planning and advice, anyone can enjoy a successful, profitable business exit. To schedule a consultation with Paul Visokey and his team at Stony Hill, visit https://stonyhilladvisors.com/.
Contact Name: Paul Visokey
Business Name: Stony Hill Advisors
Address: 1594 Long Ridge Rd, Stamford, CT 06903
Phone Number: 267-535-2551
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SOURCE: Paul Visokey