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Are You in Transition?
March 6th, 2015
by Bill Boyajian

There has been a lot of talk in recent years about the younger generations.  First it was Generation X, those born between 1965 and 1976; then it was Generation Y (also called Echo Boomers or Millennials), those born between 1977 and 1994; and more recently, it’s Generation Z, those born between 1995 and 2012.

But in this message, I want to address Baby Boomers, those born between 1946 and 1964.  If you are an early Baby Boomer, you are in your mid to late 60s.  If you planned to retire by this time, The Great Recession of 2008 may have gotten in your way.  But if you are a business owner now in 2015, or even if you aren’t, you are likely thinking long and hard about the next decade or two.

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I talk to many business owners and managers who are currently in this situation.  Frankly, most aren’t sure what to do. Whether this fits your situation or not, here are some good questions to ask yourself:

  • Should I try to sell my business and take some “chips” off the table?
  • Is my business actually saleable at all?
  • Do I have a succession plan, and if not, is it too late to create one?
  • What will I do with myself if I no longer have a business to go to each day?
  • Have I prepared myself for life in retirement, and will I be happy if I retire?
  • And what will retirement actually look and feel like?
  • Do I have family or staff who can carry my business forward?
  • How should I go about my next steps in planning?

These are a sampling of the kind of questions you need to consider as you plan for the coming years.  As one Baby Boomer told me recently, “I love my business.  Why would I ever want to leave it?”  The answer: you might not.  Then again, if something serious happened to you, you would want to know that your business, and your personal affairs, are in good order for those who need to pick up the pieces.

If you need some help with planning, make sure you get it.  This may be the most important decision you make this year.

 



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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”

–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL

"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."

–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA

“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”

–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS