80% of business owners want out of their business, but fewer than 20% have a written transition plan. A plan makes your business more valuable and transferable, even if you're not selling yet.
Chapters
Is it true that 80% of business owners would like to stop working in their business?
It is a big number. You know, it's kind of shocking. You would think about that. And it's a range of time. It's age and it's life stage. It's both things. And I think the pandemic accelerated it a bit. The statistic that you just cited is from a couple of different surveys, and it used to be 7 to 10 years. And probably because many business owners have been through a number of crises, economic crises, and then there was the pandemic. And they're tired. The people who are thinking about a transition, less than 20% of business owners have a written transition plan. Why not work on it? It's going to make your business a better business in the meantime. Doesn't mean you're selling tomorrow, but all the good work you're gonna do to make it attractive, transferable, and ready to sell is going to make you run a happier business, right? You're gonna be a happier business owner. And create more value. Again, let's go back to the issue.