You’ve put countless hours into building your business from the ground up. Its success is a direct reflection of your hard work, passion, and dedication. You’ve worked tirelessly, sacrificing your time and energy. The more effort you poured into it, the more rewarding the results. This journey has brought sleepless nights and moments of incredible triumph. I truly hope your business has flourished, not just for you, but for your family, employees, and the community you’ve helped shape.
Selling your business is no small decision, and it’s completely natural to feel emotional about it. After all, how could you not be sentimental about something you’ve nurtured and developed yourself? It’s akin to bringing a creation into the world. You’ve been at the helm, steering it through the day-to-day challenges, and now the thought of stepping away from that ownership role can feel daunting. But it’s crucial to take the time to evaluate your options carefully.
Maybe it’s time to shift gears and focus on other aspects of your life. Many business owners have moments when they think, “If I just push through, I can sell and retire,” or perhaps, “I’ll pass this business down to my children one day.” But that future may not unfold as expected, and before you know it, you might face an unappealing choice: stay in the business indefinitely or walk away with nothing to show for your years of hard work.
It may sound like an exaggeration, but I once knew an optometrist who jokingly said she’d be carried out of her office on a stretcher. Unfortunately, she wasn’t far off—she kept at it until she was eighty-six, and shortly after she stepped away, she passed away.
There are plenty of resources available on how to sell a business, but the reality is that only about 20% of businesses are successfully sold. Why is it that 80% of businesses aren’t prepared for this step? Why do half of U.S. businesses shut their doors involuntarily? Selling your business shouldn’t feel like an uphill battle with no way out.
Let me leave you with something I’ve said many times: Baby boomers own 51% of the businesses in the United States. These businesses employ millions of people, support entire communities, and sustain the livelihoods of countless families. As the baby boomer generation ages, this reality becomes even more pressing. “Aging out” isn’t just a gentle phrase for retirement or passing on; it’s a challenge we must face head-on. We need to seriously consider why we’re selling our businesses, explore all the options, and take time to evaluate what’s best for our particular situation. This requires careful, personalized planning.
The reason I’m writing this book is to speak directly to you as a business owner. I want you to understand the gravity of the situation. Your decisions—whether to succeed or fail—are in your hands, and they carry far-reaching consequences.
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