There is and will be a flood of businesses coming onto the market as baby boomers attempt to cash out in preparation for retirement. Business’ are not valued as they used to be, due to barriers to entry being lower and a failure by business owners to prepare future ready businesses.
This is a growing dilema and is becoma a significant issue for business owners, their families, the broader community and the nation.
Key tips for SME’s:
- Start planning for retirement much earlier than you anticipate;
- Aim to increase profitability over the life of the business;
- Future proof your business, if you intend to sell it;
- Diversify. Don’t rely solely on the sale of your business or government support to fund your retirement.
Watch the full interview below.