Two new studies were just released, indicating that aging baby boomers plan on working longer and delaying retirement into their 60s & 70s.  The Charlotte Observer goes into detail about this trend and outlines several key reasons.

A significant portion of baby boomers (those born from 1946 to 1964) are business owners.  These business leaders appear to have the energy, passion and financial needs to keep running their businesses versus retiring in their 50s/60s like their parents and grandparents.

As a small business owner, it is critical that you plan for the future and establish a firm plan for growth, stability ANDexit.  Timing is everything in the sale of a business.  While baby boomers may have the desire and need to delay retirement, they should not delay planning for their financial future and business exit strategy.

A business appraisal is a great way for aging baby boomers to assess their current business value in an effort to get the most out of their remaining years of ownership and consequent sales price.  If this age demographic opts to delay retirement due to financial obligations, then seeking to maximize the sale of a business should be priority #1.