A large portion (42%) of Canada's private businesses are run by Baby Boomer owners. As they approach retirement age, they need to plan ahead and prepare a succession strategy to sell and transfer their manufacturing businesses at the best possible price.

What are your big dreams?

As a baby boomer business owner who is about to retire, what are your expectations for your retirement transition?

What are some of the goals that you want to achieve before you hand over your business to someone else?

What are some of the things that you are excited to do after you finish your professional career?

How do you imagine your life will change in this new phase?

What's your current situation?

As a retiring Baby Boomer manufacturing business owner, you may be at different stages in life. 

You may be looking at your financial situation and investments to ensure you have enough savings for retirement, or maybe searching for new ways to stay engaged and satisfied. 

You may be thinking about switching to part-time work or volunteering to contribute to the community. Maybe you are doing some of these things or all of them. 

Whatever stage you are in now, it's important to be aware of the specific challenges that you face as a Baby Boomer business owner who is approaching retirement age. 

With the right planning and preparation, you can secure your future and make your golden years happy and fulfilling.

Define the trigger event

As a baby boomer manufacturing business owner in Ontario, what will make you retire?

Many baby boomers are approaching the age of retirement, but what will be the decisive factor for you to leave your business behind? 

Do you face any external challenges that influence your decision, such as economic or social changes, or is it up to you to choose when to exit your manufacturing business? 

How will your retirement affect other people involved in the business, such as employees or investors? 

How can these people prepare for your departure and ensure a smooth transition?

Achieve success

As a baby boomer business owner approaching retirement in Ontario, you want to reflect on your achievements and ensure that your efforts have been worthwhile.

You care about your financial security, but also the legacy you have created through your family involvement, community impact, and relationships with employees and clients.

To appreciate your achievements, you need to consider both the concrete outcomes, such as profit margins, and the less quantifiable successes that matter to you.

Looking back at how far you have come since you began this journey helps you feel proud and satisfied with what you have accomplished through hard work, passion, and perseverance.

With retirement looming, it's crucial for you to assess everything that contributed to your success as a manufacturing business owner and celebrate your wins.

Achieve your goals with ease

To prepare for a successful exit from your manufacturing business in Canada, you need to consider three main factors – your personal goals, your company's performance, and your industry's trends. 

You should have a clear vision of what you want to achieve and how your manufacturing business compares to others in the market. 

This will help you identify what steps you need to take for an optimal exit strategy. 

You should evaluate aspects such as your financial situation, customer base, competitive edge, technological innovation, product/service quality, and any unique opportunities that may arise in the market that could benefit you. 

By analyzing all these essential elements, you can ensure that each exit is customized and aligned with your desired outcome.

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