Is it time to mosey down the road?
Prior to the COIVD-19 pandemic, we saw business owners reticent to selling their business and deciding to stay on longer than they had previously planned to. What is driving the change?
- It will come as no surprise that the Coronavirus has pushed many of us to look at their lives from the inside out and ask ourselves some big life challenging questions. This ranges in what is really important to us to what we want the future to look like and what legacy do we want to leave.
- Coronavirus has also changed the rules on employee needs and how employees must be treated legally, morally, and ethically during an outbreak. This has become overwhelming for many business owners.
- The responsibility of having employees has never been higher nor have the consequences been more dramatic. Example? An employee contracts COVID-19, did it happen in your office or somewhere else? Either way, there is going to be fallout for the business owner.
- Should employees work remotely, and if they do, what do you do with the real estate that you own or are renting?
- What impact will Coronavirus have on insurance rates in 2021 and beyond? On top of that, what will the ramifications be to businesses after the election in November? Keep in mind we are voting for President as well as senators and congressmen.
- In my conversations with business owners across the country what I am hearing in almost every case goes something like, I don't want to retire, but I also don't want this stress or anxiety anymore.
Where I think that this is all leading to is significant M&A activity in the SMB (small-medium business) market and more company owners taking on a new career as an advisor to their company after the sale, or SME (subject matter expert) in some specific field that they are well versed on. I am seeing a huge shift in the IT field and I suspect that it will become seismic sooner than later.
Business owners may not be ready to cross the bridge into retirement just yet, but they are ready to cross over to something that is a whole lot less stressful!