Updated: Sep 29, 2022
Last week the Exit Planning Institute (EPI) shared a trivia poll on their LinkedIn feed to their network of professional advisors and business owners. They were interested to see if their advisory network knew how many owners have indicated they were actively working on their exit with an advisor.
Here are the results:
6% said 0% of Owners were working on their exit.
57% said 10% of Owners were working on their exit.
29% said 15% of Owners were working on their exit.
8% said 25% of Owners were working on their exit.
The correct answer is 10% of Owners are Actively working on their exit plan with an advisor.
For the full discussion see here:
Sadly, this is a staggering statistic. We have well over 500,000 Baby Boomer owned private businesses in Canada alone. If the 90% that are not actively working on preparing their businesses for a sale don't start soon, there will be nothing to sell.
If you are relying on the proceeds of a sale of your business to fund your retirement lifestyle, you had better start doing something soon.