News

You're 73 and Want To Sell Your Business and Retire

December 3, 2019

In speaking with many business owners, that have started and run a business for 25, 30 or more years they state they are tired and want out.  They tell us that I want to turn their business over to their children so they can spend more time doing what they want.

There are many problems associated with transferring ownership to children.  Some include financial benefits to children that are not actively involved in the business and the friction that is caused with children who are actively involved in the business dealing with non-employees.

Other problems that may or may not develop are the children selected to run the business might not do as good a job as you have done with it, which may or may not cause you receive your payout over a longer than expected period of time.

One of the most frequent comment that we hear is that "my kids are grown and have their own careers.  They don't want to run a wood products company." 

We are hearing from owners that say " I am having a sale to sell everything, paying off all debts, and then I am shutting things down."

This is really sad as many people that have worked their entire life to build a business are left with cents on the dollar of what they thought their lifetime endeavor was worth.  The reality is that the market is changing and this is where many long-time businesses end.

Since 1929 the WPMA has always focused on providing programs and services to help member companies compete in the global marketplace.

For more information contact Philip Bibeau, Executive Director at 978/874-5445 or philip@wpma.org