The numbers are staggering. Baby boomers are expected to transition 12 million businesses with over $10 trillion in assets over the next decade. If you are one of them, bear in mind that with the market flood of businesses available only the top performers will command the best valuations. If your retirement plan is dependent on your business, now is the time to separate your business from the pack with a 5-year plan that will put you on top. https://cabb.org/news/baby-boomers-incredible-numbers-are-buying-and-selling-businesses-part-1-2. If selling isn’t your goal, and you will be operating the business for the foreseeable future, how will these transitions impact your business? One way will be the purchase of these businesses by millennials who will adapt them with the latest technology. Just like Uber is challenging taxis, how can technology and the application of other trends listed above impact your industry? If it is ripe for reinvention, perhaps you should lead the charge rather than scramble to catch up. You are always better off not being the last one at the table for a piece of the improved pie. Just ask Blockbuster.

 

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