First Cambridge Group Blog Post
Welcome to The Cambridge Group Ltd first Business Transition blog. Our mission will be to help our clients and prospects be one of the 20% of small businesses that know for certain that they will get fair value for their business when they retire or if they die early.
In a recent meeting with a successful local business the owner reported the purchase of an entity he viewed as a logical addition to his operation. The seller was ready to retire after having built the business over a lifetime and having prospered because of its consistent long term stream of profits. I was talking to my prospect about establishing his own transition plan, so I said to him, “I bet you got a bargain.” He smiled and in a slightly embarrassed tone, admitted that he had. The seller was among the 80% without an exit plan and he accepted pennies on the dollar for a business he had spent a lifetime building.
Business Transition Planning is a new department at The Cambridge Group. We added the service because we want our clients to prosper. That’s why we work so hard to provide them with the best insurance at the lowest price. Small businesses are the lifeblood of our economy and employ over 50% of the nation’s workforce. When owners walk away at retirement and have no buyer their employees suddenly find themselves without work. Their own retirement income prospects are greatly diminished, and they often have to reduce their lifestyle in retirement. All are negative impacts to both the business owner and the wider community.
Creating a business, you can sell is hard work. To do it right, it’s critical that you understand and focus on the simple elements that make a small business attractive to a buyer. In our next post we will begin to lay out some of those elements and help you create a plan to cash in on your lifetime of work.
If you want to begin the planning process send an email to firstname.lastname@example.org or call Chuck Utter at 303-777-0313. It will take 30 minutes to explain how the process works. If you find it to be of benefit, we will be excited to work with you.