New Year Transitions, part deux
By Steven V. Dubin
Over the course of 30-plus years in working with small business clients, my firm has worked with a number of business owners transitioning toward retirement. For many, it’s a process that can take years to put in place. It’s part of the reason we became a Vested Business Broker to help small business owners with this process.
Why it matters
Many business owners decide to sell their business when they are ready to retire. And by “ready to retire,” that can mean ready to not do what they do to earn a living anymore. That kind of approach can be psychologically undermining, and you may look at selling your business as something you have to do. And that can put you at a disadvantage in negotiating with a new owner.
Going deeper
A longtime PR Works client and South Shore Senior News contributor, Dr. Richard Wolfert, DMD of The Toothboss, recently began his transition to retirement. He’s planning on it taking place three to five years from now.
That’s right. Three to five years.
For a non-family owned business, that’s a reasonable timetable for a succession plan.
For The Toothboss, his plan started by finding a dentist who is aligned with his values as a practitioner, Dr. Jonathan Alihosseini, DMD. He’s also known as Dr. J. The good doctor will begin work at The Toothboss on January 8. He will work Wednesdays from 7 a.m. to 11:30 a.m.
The modest schedule gives both doctors a chance to see if the arrangement is a good fit with both patients and staff.
Ramping up
What I’ve learned as a PR consultant and brought to my new role as a business broker is that planning to sell your business does not mean you slow down. Far from it. Our PR firm has worked with many firms on campaigns to raise the profile of their business to attract more and better buyers. And that can take some time.
An example…
Several years ago, our firm worked with a company called Boston Pack and Ship. Two former UPS franchise owners started the firm. Specializing in customized packaging and creating larger items, the pair had a unique offering. One of the partners also wanted to sell the business in five years.
We put together a PR program supported by search engine optimization for their website. Supported by some major hits in local and business press and dramatically improved search engine performance, the pair generated enough buzz to sell their business within three years.
Transition plans
Enhancing value is but one part of a transition plan. There are many other components involving staffing and operations. That’s why working with a business broker can be one of the more important decisions you make in starting your transition to retirement. For more information on the services we offer in that regard, please contact me at 781-582-1061.
If you know of a senior who is doing something interesting with their retirement, I look forward to hearing from you! Please email me at SDubin@PRWorkZone.com
Steven V. Dubin is the founder of PR Works, a lightly used public relations firm based in Plymouth which helps small to mid-sized nonprofit organizations and for-profit companies navigate the overwhelming options of advertising. Steve lives in Plymouth with his wife, Wendy. He is a contributing author to “Get Slightly Famous” and “Tricks of the Trade,” the complete guide to succeeding in the advice business. He recently authored “PR 101,” an E-book.
