By Dan Beenken
Across Iowa we are experiencing a “silver tsunami” of aging baby boomers – many of them are business owners in our communities.
One of every three Iowa business owners plan to exit their business by 2023. While these issues pertain to most businesses, they are even more acute for those operations in rural communities. Those firms and the wages they pay are essential to the vitality of many local economies in rural Iowa. Failure to properly transition ownership can significantly impact not only the business owners and shareholders, but the communities themselves.
In a recent business owner survey by the Business Enterprise Institute, it was found that 81% of businesses plan to exit their business in the next 10 years. Only 20% of those same owners have any type of written plan of how they will transition ownership. In many cases, these businesses will be lost without more proactive planning and support.
UNI’s Advance Iowa provides consulting work that puts the focus on the processes, strategies, and people that need to be in place long before exit planning begins. It's about making sure your business will flourish and be attractive for someone else to pay you what you want out of it.
Our focus areas:
- Strategic Planning – Ensuring you have the people and processes in place to make a transition work.
- Cash Flow – Healthy cash flow is integral to any sale, we’ll help you get there.
- Comprehensive Exit Planning – Starting early gives you more options when the time for exit comes and allows you to complete it on your terms. We focus on those early stage activities, building a plan, and working with you to move through it.
For more information about our events and services offered, visit AdvanceIowa.com/events.