The weak economy has been tough for
small-business owners across the board … but for entrepreneurs in their 60s and
70s, the consequences have been particularly vexing.
The current recession has been
tough on just about everyone, but few have felt such dire consequences greater
than small business owners. This especially is the case when they are on the
verge of retirement.
The Wall Street Journal considered this topic in a recent article aptly
titled “'The Economy Stole My Retirement.'”
If you are a small business
owner on the one hand – a role that requires flexibility and ingenuity – and a
baby-boomer on the other, then this recession has been more than a case of
terrible timing. No, it’s thrust you into “business purgatory.” Do you find
yourself with one foot in management and the other foot (or maybe just that big
toe) in the golden sands of retirement?
A baby boomer who is a small
business owner faces a very tough call right now. Should he or she sell for the
best offer today, which is generally the low-ball offer, or hold out for some
future value which more accurately reflects what the business is truly worth? A
tough call, indeed.
For the owners of small
businesses and the heads of family businesses, make no mistake about the
difficulty of your position. It’s impossible to foretell the future, but since
you already know what is most valuable to you (your family and your business),
take the time to carefully weigh your options and contact Meier Law Firm to discuss your options.
This is not the time to make
Reference: The Wall Street
Journal (September 12, 2012) “'The Economy Stole My Retirement'”