Are Fairfield County Baby Boomer – Business Owners Prepared for the Future?
55 is the Speed limit not my Age – Baby Boomers Face the Future
As I watched television the other night, I listened while Tom Brokow interviewed President Bill Clinton as part of his new series Baby Boomers, History’s Wealthiest and Most Influential Generation. And then it hit me OMG, I am a baby boomer, I am going to be 55 next month, I am close to retirement. How can that be? I feel so young!
I am the kind of person who wants to work forever. I have no plans to stop working. I mean I joined AARP but that was pretty much to get discounts, it’s not like I really think I am a senior citizen. My husband and I will be empty nesters soon but retirement; I am not prepared for this next phase of my life. Turns out I am not alone. Check out www.sobabyboomer.com/retirement )
“The impact of the new global economy and the financial effects of the lengthy bear market on 401(k) plans have affected thoughts of retirement. A staggering half of households headed by 50-to-59-year-olds have $10,000 or less in their 401(k) accounts even as public and employer retirement benefits are being trimmed.
With little net worth to fund retirement, there is now an exodus out of retirement to working. Most are healthy go-getters who would rather work than scrimp and save in an idle retirement. By 2015, estimates the National Council on the Aging, 20% of the U.S. work force will be over age 55, up from 13% in 2000.” SoBaby Boomer.com
This “phased retirement” of Baby Boomers will shape the American workplace and compensate for a severe talent gap due to a shrinking supply of new workforce entrants. Phased retirement will allow Baby Boomers to engage in work they enjoy while providing needed income.”
Baby Boomers have always been on the front lines of social change. Sounds like most Baby boomers are going to need more money then thought to live comfortably. Many will start their own business or work full time at a new job or career. Others will be looking to sell their business. The department of Labor estimates six million small businesses will be for sale as baby boomers look to cash out.
Are YOU a Fairfield County baby boomer business owner who plans to sell your business to your children or one of your current employees?
If so, you are going to need a business coach.
Why?
- If you start planning an exit strategy now a business coach can help you get the most money for your business.
- If you are getting ready to retire you will need an accredited appraisal to understand the real value.
- Before the appraisal you will need to make sure your finances are in order. Are you sure you have built a well run, profitable business that is ready to be purchased?
- An ActionCOACH can share a wealth of business strategies that will position you for this next phase of your life.
- Overtime you lose the ability to see your business with the same objective clarity that you once did. A coach can give you the perspective and be the trusted advisor you need to make decisions.
- A business coach will help you find a broker, negotiate the price and help prepare your financial statements.
- Together with a good accountant and legal counsel, a business coach will be there to make sure your number one asset has been sold in your best interest.
Before retirement is the time to dream about what you would love doing now that you business is sold, and you are wiser and hopefully richer!
There are a lot of joys and challenges for Baby Boomers. When President Clinton was asked about some of his fond memories of his youth he reflected on the Beatles and the song “In My Life”. Turns out it is the number one favorite of Beatles fans. I think another tune they wrote, is something today’s Baby Boomer’s may be humming as well.
When I’m 64 by The Beatles
Album: Sgt. Pepper’s Lonely Hearts Club Band
Released: 1967
When I get older losing my hair
Many years from now
Will you still be sending me a valentine
Birthday greetings, bottle of wine?
If I’d been out till quarter to three
Would you lock the door?
Will you still need me
Will you still feed me
When I’m sixty-four?
Sixty -Four now that’s a good speed limit.
Are YOU a Fairfield County baby boomer business owner who plans to sell your business to your children or one of your current employees?
To make a difference in your business you have to change the way you do things. It begins by attending one of our profit building seminars.
To get started today click the link above. We look forward to helping you grow your business and making the kind of money you always thought possible
Attention Business Owners: Raise Your Prices!
Most companies can’t compete on price – so why try to?
When financial crisis strikes – most business owners cut their prices to gain volume and scale.
Cutting prices definitely works for a few companies, but the reality is not many – think Walmart, Costco or Southwest Airlines. The success of these companies and their business models makes it very difficult to duplicate. Competitors like Kmart and Sears struggle to compete.
Companies should compete on performance instead of price.
Focus on where your companies strengths lie. Provide superior service to meet your customers needs, communicate with your customers regularly and make sure your sales people speak to the right decision makers to convey your companies value.
Identify Value Opportunities
Even if your product is a commodity, have you looked at ways it can be improved? Perhaps the design or packaging of your product can be improved to lower costs. Can you make the product more efficient for the customer?
Align Price and Value
Set higher price in line with what the customer is willing to pay. Key – is to make sure to document and quantify the precise nature and benefits your product offers. Try to figure out the tangible value that is offered to your customer.
Beware of Poor pricing mistakes
- Average pricing seems fair – UPS used one price for all customers. But when FedEx Corp. entered the market, one reason for it’s success was its variable pricing – taking into consideration times of delivery (early morning vs. afternoon) and weight)
- Cost-Based Pricing is Easier to Explain
- Everyone Else Prices it that Way – be smart about being different. Relying on pricing of the market means you run the risk that your prices are the legacy of obsolete circumstances.
- Nothing We Do Deserves a Premium Price
- The Customer “Tells” Us the Price – What customer wants to pay a higher price? Most customers do seek value – it’s your job to frame and deliver the value proposition and the pricing.
You shouldn’t be afraid, even in a tough economy, to raise your prices. If you can convey the value of your product, the customers should follow.
*Article Resource – Wall Street Journal 5.24.2010
Are you looking at ways you can improve your business?
To make a difference in your business you have to change the way you do things. It begins by attending one of our profit building seminars.
To get started today click the link above. We look forward to helping you grow your business and making the kind of money you always thought possible
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