Mark Osborne warns business owners that budgeting for next quarter or next year isn't enough. Most entrepreneurs never plan what happens when they want out, retire, or die, leaving their companies to collapse or their families scrambling. He says owners should decide early whether to pass the business to kids, sell it, hand it to employees, or close it down.
I think it's understandable, but I think too many owners are focused just on the budget for next year, the next quarter, the next 6 months, whatever it is, the next, you know, the next cycle, whatever that is, assuming they're doing planning. And the issue with that is you never look up and say, okay, what's the transition when I, when I get tired, when I get sick, when I get bored, whatever it is, You never ask yourself, okay, is this a business I can hand off to my children? Is this a business I'm going to sell? Do I have employees that could take over the business? Am I just going to shut it down? There's a surprising number of people in their 70s and 80s who just decide they want to run their businesses till they pass.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
