Joel Guth, of Service Provider member Gryphon Financial Partners, shares some insight and advice for business owners nearing retirement. Here’s an excerpt:
“A business exit is a significant transition period that gives owners an opportunity to reflect on their own purpose. The exit itself is a time to celebrate successes while also strategically planning out personal and professional next steps.
Ideally, entrepreneurs should start thinking about their exit strategy while they are growing their business and then get serious about exit planning three to five years before the anticipated sale. This gives time to address topics that could affect an ideal business sale, such as hiring key people and addressing customer concentration.”
You can read the full post here.