If you are a baby boomer business owner (boomer owner for short) you probably are thinking about all those activities you will start or continue once you sell your business.  Certainly you'll have plenty of cash from the transaction and it will allow you to do everything you've dreamed of and waited for.  

Or will it?

As a boomer owner most likely you've been running full-speed serving customers, making sales, managing personnel, paying bills, developing new projects - the list is endless right?  

• Have you had the time to think about your exit?  
• Have you been approached by a potential buyer?
• Have any of your vendors commented to you recently about the graying color of your hair?

Ouch!  I know the last one may hurt, but when your vendors start asking you about your exit strategy,chances are more than the vendors are noticing.

So that brings me to the benefits of transitioning with a plan, but allow me a few more questions:

• Has your financial planner asked you how you will fully fund your lifestyle in retirement?
• Does your commercial lender want to talk with you about your exit strategy?
• Are you more than a bit concerned that you may not have a great #2 to run your company after you're gone?

Successful transitions need a plan.  Wouldn't you agree?  Being prepared to successfully exit can:

• Increase your business valuation.
• Identify your preferred buyer profile.
• Create a legacy plan for your business.

There are other benefits.  But first let's deal with the little guy or gal that's sitting on your shoulder.  You know, SID.  See, SID has the ability to:

• Prevent you from generating solid information about what to expect in retirement,
• Prevent you from addressing your unresolved emotions and fears, and
• Encourage you to limit your thinking about your future responsibilities, to name a few.

SID really is great at helping you be unclear about your emotions as well as being very creative about your retirement fears.  

A solid transition plan addresses both your personal AND your business transition planning process so you don't run to the EXIT when you are unprepared.  When you set up your personal transition plan you will be able to knock SID off your shoulder - and keep him/her at bay. 

You will have established that clear vision for your future that includes goals for your personal and business transition. Your plan will help you understand how to obtain and to get the best value from your professional advisors.

As a boomer owner there are emotional and other rewards you've gained through ownership.  There are also opportunities to create a legacy for your business if you choose.  When you choose to discuss and understand these while also understanding and appreciating what being a boomer owner has prevented you from doing, you are starting down a path to develop a plan for your long-held dreams and opportunities when you are ready to create a fulfilling new life.

Every plan has a process. Every process has steps you take to complete the plan.  Yes, there are details, there are discussions, and there are substantive results that you can implement.  Oh, yes, and once you have developed your personal and business transition plan you will have no need for SID - Self Inflicted Doubt, to ever bother you again.  

As a boomer owner your future is bright.  Are you ready to Think about developing your transition plan?  

To your success!