Ready to sell your small business? Planning to pass it on to a member of your family? Maybe a longtime employee wants to buy the business from you when you retire? One thing is certain, eventually, you will exit your small business and there are a number of options to consider.

Do you Have a Plan in Place?

How and when you will exit may not be top of mind right now. After all, running a small business takes a lot of time and energy. If this describes you, you are not alone. Studies show that between 50% to 85% of small business owners have no formal plan to exit their business.…

Most small business owners aim to sell their business someday. According to a PNC Bank survey, 78% of owners plan to sell their business to fund between 60% to 100% of their retirement. If that number seems high, it is, especially as baby boomers seek to exit their small businesses over the next 10 years. By the year 2030, every one of the estimated 74 million baby boomers in the U.S. will be over the age of 65 which will dramatically increase the supply of businesses seeking a buyer.

AS baby boomers age out of their businesses, the supply will be greater than any time in history

If you own a small business, the time to move from thinking about exiting to planning an exit is now.…