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Boomer business owners: start Takin' Care of Business, stop blaming millenials

Boomer business owners: start Takin' Care of Business, stop blaming millenials

I read an article recently that gave 3 reasons for businesses closing when the owner wants to retire:

  • internet competition,
  • lack of loyalty among younger customers,
  • and owners not being able to find a buyer. 

All of these reasons come back to one uncomfortable truth:

The average business owner has been watching the internet come roaring down the track for years and has made little to no effort to figure out how they could use the web to:

  • improve their business operations and efficiency,
  • increase customer loyalty,
  • improve communications with customers,
  • reach target markets they could have never dreamed of before, 
  • and adapt their business to survive.
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Envision the business of your dreams, and build it

Envision the business of your dreams, and build it

Before you can build the business of your dreams, you have to understand what you want out of it. To do that you need to understand what you like and don't like, and then you need to understand the lifestyle you want to live (location, income, hours worked, etc.).

Keeping your nose to the grindstone makes it hard to see clearly, though, so I'm going to share some of my likes and dislikes, how I came to understand them, and how I used them to create my dream business. Hopefully this will help you envision yours.

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Will a tech gap be your retirement trap? Improve the chances of selling your business

Will a tech gap be your retirement trap? Improve the chances of selling your business

Did you know that around 2/3 of small businesses never sell and are closed down when the owner retires?

And of those that do sell, the average sales price is about 1/2 of what the owner thinks it's worth?

Add to that the fact that most business owners have the vast majority of their financial assets tied up in their businesses, and the prospects for the average owner to ever retire comfortably are slim.

According to Christopher M. Snider, President and CEO of the Exit Planning Institute (EPI), 85-90% of the net worth of the average business owner is tied up in their business, yet "57% of respondents to their survey stated that lifestyle is not dependent on transfer of ownership of the business." That's called denial.

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