Advertising can be both entertaining and informative. But what about when it is downright depressing?
Take the series of ads in print, digital or radio/audio/TV that are from some financial institution telling us all that to retire comfortably we have to have $1 million in our retirement savings.
Really? Well, where’s my million?
What they are talking about could very well be already within our reach in the form of our business. However, before you can realize that wealth, you have to determine what is is and can you access it.
And you aren’t alone.
With 10,000 adults in the U.S. turning 65 each day, that’s a lot of retirees. Couple that with the fact that 70 to 80% of all privately held businesses are owned by this same age group, and you have an even bigger and faster moving chunk of equity hurtling toward some kind of uncharted finish line.
This picture gets even more complicated by the fact that most of these business owners are contemplating some kind of cash out and have grossly inflated the value of the business in their mind.
What’s all this mean to you? As a business owner, you need to have a reality check on the value of your company coupled with a realistic plan of attack on how to realize this collected wealth. That’s where exit planning comes in. Particularly the work of the Exit Planning Institute.
In our previous blog series we’ve discussed our EPI Value Acceleration Methodology. This approach prepares a business owner by educating them about their goals and the value of their company. And it is all fact-based and results in an executable plan.
That might just be where your million comes from.
For more information about transitioning your business, please reach out to us. We’d love to hear from you.
The New Paradigm Advisors team