With an estimated 8 million businesses expected to sell or transfer their business due to the Great Wealth Transfer, you might be surprised on how few of these owners are preparing for their transfer. According to headwayexec.com, 58% of business owners have no transition or succession plan.
Less than 1/3rd of businesses have a written exit strategy. As a friend of mine recently said, “It seems no one believes they are ever going to die.”
Preparing for the unpleasant realities of aging is difficult, but necessary.
Proverbs 21:5 says, “The plans of the diligent certainly lead to profit, but anyone who is reckless certainly becomes poor.”
If you’re one of those who have not yet addressed your future exit, maybe now is a good time to develop your plan.
