| Family Businesses April 10th, 2022 by Bill Boyajian |
Here’s the problem: Most businesses in America are family-owned and the majority are owned by Baby Boomers who range in age today from 58 to 76. It goes without saying, but I’ll say it anyway: Boomers are looking to retire. Generation Xers are now 42 to 57, and there are a lot fewer of them than Boomers. A LOT fewer. Who’s going to buy these Baby Boomer businesses? Millennials? Maybe, but many don’t want to be “stuck” in traditional business enterprises. Nor do they want to work the way Boomers had to work to get ahead. This also goes without saying, but I’ll say it anyway: Millennials think much differently than Boomers. So what will happen to many of these businesses? They will close unless a plan is in place to help them continue or other options are identified. Most Boomers aren’t aware of all their options. Options give us choices that may not be immediately apparent. Boomers need an exit plan that assures a comfortable retirement – one that monetizes their lifetime of work. For most owners, exiting their business represents their most important financial transaction, and perhaps also their life’s most touchy emotional decision. If you need some help thinking this through, contact me and I’ll give you some free time.  Tags: America, Apparent, Baby Boomer, Business, Choice, Comfortable, Continue, Decision, Enterprise, Family, Generation, Identify, Immediate, Important, millennial, Monetize, Option, owners, Plan, Responsibility, Retirement, The Mind of a Leader, Traditional, Transaction, US, Vision, Wisdom, Work |
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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
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