Small and mid sized companies in every sector are feeling the effect of Baby Boomers, and all the issues of a successful succession plan. The family owned business is also sharing this risk. Active buyers have lots of merger opportunities, they may see ten deals before settling on just the right fit. Buyers can be more selective with many baby boomers coming of age.
The process of the current family ownership to selling or transition planning to an outside third party can be frustrating if not started early enough.
A classic reason for selling is that the owners have reached 65 or older, have grown tired of the daily grind and feel financially ready to retire to enjoy other things in life.
Preparing to sell the family business should allow enough time to find the right buyer fit for the legacy of the family brand.
There is one thing that all family business owners have in common, start planning now for a successful succession plan or wait for a fire exit.