By Hal Levenson, Partner & Chief Visionary Officer

There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than 65 by 2030 which means that we need to be preparing for retirement…NOW.  

At Haefele Flanagan, we’ve seen the trend of business owners who are seriously contemplating the transition out of their business whether by selling, merging, or shifting from the top role. I commend those owners who have the courage and foresight to recognize that their business will or should outlast them. It’s a hard pill to swallow.  

When owners come to us looking for support and guidance, they often think we will start with the typical process:

  • Reviewing both company and personal financials
  • Analyzing the company organizational chart and business plan
  • Getting an accurate valuation
  • Securing a team of trusted advisors 

While we do help with the above, it’s not the initial step we take. Rather, we ask the question, “What will you do after leaving the business?”   

I believe the most important part of an owner’s transition plan all comes down to Purpose.  Without having a purpose outside of the company, an owner may feel sadness, loneliness, or boredom.  We’ve encountered situations in which owners chose to keep things status quo since they did not have any future aspirations. 

To get you started in discovering your Purpose, ask yourself the following questions:

  • What is my vision for the future? 
  • How do I want to spend my time and with whom? 
  • What am I interested in achieving? 
  • If I had an extra 10 years to live, how would I want to spend my time?  

As a business owner, your attention has been on running and growing your company. When transitioning, we tend to focus on planning for our financial future but don’t consider what will provide a purpose-filled life. Haefele Flanagan has a history of posing important questions like these and helping guide our clients to the answers. 

About Hal Levenson: Hal is a Partner and Chief Visionary Officer at Haefele Flanagan. A former CPA, Hal founded Trilogy Partners in 2009 to help business owners align their business objectives with their personal goals. In 2021, Trilogy Partners merged with Haefele Flanagan to provide stronger outcomes for clients, whom now have access to holistic business advisory services from strategy through finance.  These services include, but are not limited to, strategic planning, executive and leadership coaching, business transition and exit planning, financial education, and C-Suite support. 

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