By Phil Harwood
If you’re like me, you’re enjoying not having to wear a mask everywhere. You’re glad to see fans in the stands at sporting events. You’re excited to go to your first concert in over a year. You’re looking forward to a regular college football season. At the same time, you’re seeing a new path forward that wasn’t there before the pandemic. I’m going to share with you my new path. If you are so inspired, you may wish to reply to tell me about your new path or give me a thumbs up or thumbs down on mine.
The pandemic made us change our normal behaviors because of restrictions, limitations, and closures. We were forced to try new things, think about things differently, and evaluate things. Priorities became clear and, for some, new paths emerged. I would love to hear about a new path that you are on as a result of the pandemic. As promised, I’ll share my new path.
GrowTheBench continues to grow in terms of subscribers, content, and partnerships. The pandemic greatly increased the adoption of online and on demand education. We are meeting a great need and excited about the future.
Snowfighters Institute is once again holding in-person events. Our first two events for 2021 were overwhelming successes. We have one more event planned for 2021 - Grounds and Institutional Management which is scheduled for September 8-9 in Boston. Registration is now open. The Snowfighters Institute podcast has been a big hit as well.
These platforms allow us to engage with business owners all over North America and beyond with podcast subscribers around the globe. Neal and I are constantly looking for new and creative ways to help business owners and their teams be more successful. And this effort has led to a new path forward for me.
According to the Exit Planning InstituteTM, 66% of American businesses are currently owned by Baby Boomers, who are at or near retirement age. However, only 20-30% of these businesses will be sold, according to the EPI, "leaving up to 80% of all owners unable to harvest their wealth." Instead, assets will be sold off in a piecemeal manner that fails to capture the value of the business as a whole. Money is often left on the table due to inadequate planning, preparation, and deal making. This is where my new path forward comes into play.
My new path forward is focused on helping business owners optimize their exit, whether the exit involves selling or transitioning to the next generation. Many advisors recommend starting the exit planning process at least 10 years prior to the intended exit. For many, this is unrealistic since the owner is intending to exit sooner than 10 years and maybe hasn’t done much in the way of planning yet.
So, that’s it. That’s my new path forward. What do you think? Thumbs up or thumbs down? Please let me know at Phil@GrowTheBench.com. I also hope to hear from you soon about your new path forward. And, if you or anyone you know is interested in speaking with me about their exit plans - even if they are 10 years away - please let me know.
Now go forth.
Tags: Planning , Future , Path ,