Dr Terri Bourne - The Beginning of the End: A practical guide to retirement preparation for the small business owner

First published in Great Britain by Practical Inspiration Publishing, 2020

Dr Terri Bourne, 2020

The moral rights of the author have been asserted

ISBN 978-1-78860-188-7 (print)

978-1-78860-187-0 (epub)

978-1-78860-186-3 (mobi)

All rights reserved. This book, or any portion thereof, may not be reproduced without the express written permission of the author.

Every effort has been made to trace copyright holders and to obtain their permission for the use of copyright material. The publisher apologizes for any errors or omissions and would be grateful if notified of any corrections that should be incorporated in future reprints or editions of this book.

Table of contents

Preface

Have you ever thought it might be time to sell your small business or step down a little but youre not sure where to start?

Are friends and business associates starting to sell up their businesses, change the way they work or even retire?

Are you in a dilemma about whether you should sell, when you should sell, whether this is a good business decision or whether its a good idea for your family or circumstances?

If so, The Beginning of the End has been written for you. For those of you who have just started to think about selling your small business, it will help you to clarify and put things into perspective. Youll be able to decide if this is a good idea, and if it is, how to make your business fit for sale, achieving the best possible returns to make your next move.

The Beginning of the End is different from your usual book about retirement. It is written for the business person in the stage before for someone who is contemplating their options, seeking a bit of clarification and sizing up their opportunities.

The book will not tell you whether retirement, selling up or keeping your business is your best option. That would be an impossible task without information specific to your business and personal goals. But I am convinced that by reading this book you will feel more confident in your next decision about where your business is or should be going, and whether retirement or selling your business is part of that.

The Beginning of the End will guide your thoughts so that you can make the best decision, at the right time, for you and your business. Your mind will be challenged to consider different options in the earliest stages of considering your exit plan. Its never too early to think this through.

Even at business start-up, business owners are advised to have an exit strategy, but it is rare that any of us do. Starting with the end in mind is great advice. It helps us to know where we are heading and how to get off the business merry-go-round. The reality, however, is that we often get so involved in our businesses that we are not even able to look up or step out once in a while, to take note of what the rest of the world is doing.

Introduction

What made you pick up this book today? Is there something that you have been gently mulling over in your mind for some time? Do you know friends and business colleagues who have retired? Are they posting happy photos on Facebook and other social media showing them loving life now that they are not working? Well, this could be you. It may seem like a long way off due to your present situation, but everyone has to start somewhere. And with this book in your hand, you are in the best place to start.

Dont think that by reading this book you will give up your business tomorrow and retire off into the sunset. You might, of course, but the likelihood is rather slim. Unfortunately, just as you have worked hard over the years to build up your business for you and your family, you have to work hard to retire from it as well.

Theres no quick fix or magic wand, although I must admit I do daydream about someone coming along and making me an offer I cant refuse, so I can jet off into the sunset... But as great as that sounds, the reality is that youll probably have to work just as hard at moving out of your business as you have done to build it up to the business it is now.

About the author

After a successful career in teaching and school management, I had a yearning ambition to set up my own business. Enjoying the challenge of starting a business from scratch, I went on to set up seven different ventures over a ten-year period, all running concurrently, one of which had 16 branches. Relying heavily on building good staff teams and devising business systems to take each company forward, this book is based on many years experience.

More recently, I have turned my attention to look at exit planning, retirement and beyond. My current research has led me to believe that many business owners concentrate their efforts on building and running their businesses but fail to look at how to exit them. As an entrepreneur who has worked for many years building up businesses, I am now in a good position to help you relinquish yours in the best possible way.

Open your mind

Throughout the book, you will be guided through a process, helping you to think of all the possibilities around selling your business and retiring from it. You may decide at the end of the process not to sell your business and thats OK too. This book is about getting your business in tip-top condition to sell, so that all your hard work over the years really pays off. But probably more importantly, its about getting you into the right frame of mind to take this enormous step making sure that it is the right decision for you, your family and your business.

You will need an open mind to consider the possibilities. At the end of the day, if selling is not for you, hopefully you will have learned a lot from reading the book and going through the process. You are completely in charge of your destiny, just like you have always been as an entrepreneur.

One of the reasons that business owners start to think about these decisions is that they see contemporaries suffering strokes, heart attacks and worse, all whilst working themselves into the ground, on their business merry-go-round, thinking they are unable to get off due to their business needing them (and/or maybe them needing their business?).

If you feel you need a change of direction, this is a good place to start. Be open-minded; try some of the exercises and worksheets in the free Workbook, which you can find on my website at terribourne.com. No one is judging you. No one will see what you have written or what you are thinking about. You dont have to do anything Or you could do a lot and get your business ready to give you the final payback.

Sound familiar?

For many years as a business owner and entrepreneur, I didnt take a wage, eventually moving on to a pittance. I worked 12- to 14-hour days, for six or sometimes seven days a week, even though I had a young family to care for. I became a Jack of all Trades whilst learning to keep my head above water. I felt (and still feel) an enormous amount of responsibility for my staff and colleagues. At the time, I believed that this was just business and how it was. If I worked hard enough, I could move myself out of the hand-to-mouth situation into a more comfortable business existence and yes, that has now happened.