Baby Boomer Entrepreneurs’ Biggest Business Challenge

by Tom Kirk

Here it is.  Right up front.  No need to read the rest of this blog if you can answer these questions:  Who is going to take over your business when you are ready to let go?  When is this going to happen and how?

Still reading?  You are not alone.

If you are like most entrepreneurs, you rarely have time to even think about the answers to these important questions while dealing with the daily challenges of running your business.  If they do drift into your consciousness (say, at 3:00 am when you can’t sleep) the complexities surrounding them defy easy solutions, relegating this matter to be dealt with “later”.  But “later” can become “never”, or only in response to a crisis where your options are severely limited.

This challenge is made even more acute for baby boomer entrepreneurs, born between 1946 and 1964, when 76 million Americans were born.  After getting our college degrees and finding working for a large company to be lacking, many of us (I was born in 1956) created our own businesses in order to have more direct influence over our personal and financial futures.

Now, some 40 working-years later, we are enjoying the benefits of that decision: financial success, personal freedom, and a great lifestyle.  And while we still have the drive we always had and more experience than ever, we suddenly realize we aren’t 40 years old any more, or even 50.  Many of us are 60 or more and would love to pass on what have learned and created.   But when we look around there is no one coming up behind us.  We watch for that employee (family or otherwise) to ascend who demonstrates what it will take, but are afraid they may not show up. This challenge is currently facing the multitudes of other baby boomer entrepreneurs just like you.

A roadmap to help solve this challenge is your best tool.  That is why we offer The Transition Roadmap Developer; a transformational process that takes into consideration the practical, financial and emotional aspects of your unique business transition challenge and delivers a customized step-by-step action plan designed to increase your likelihood of success.

All small businesses transition eventually.  Be intentional about how you want this to happen.  Call today and schedule your complimentary consultation with one of our WealthCoaches to see if The Transition Roadmap Developer is the process you may want to investigate for improved clarity in this critically important area of your personal and business life.

You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.