Beware The Business Sale Tsunami

Date: 01/03/2011

If you're a baby boomer thinking of selling up and retiring, so are thousands of others, so make sure your business is in good shape.

As the baby-boomer generation reaches retirement age, many thousands will be putting their businesses up for sale, or trying to persuade the next generation to take them on. Michael Fingland, of business turnaround specialists Vantage Performance, says there'll be a veritable tsunami of businesses up for sale over the next five years - it will be a real buyers' market. His advice: if your sons and daughters are reluctant to move in, don't wait for them to change their mind. They probably won't, and your business will suffer while you wait. Move instead to making your business "sale-ready" as soon as possible - in the best shape to attract potential buyers. Make sure your systems and controls are robust and your business plan clear and working properly. Think about getting expert outside help to identify the gaps that need filling. The financial return you're counting on to meet your retirement plans may depend on it.