Some experts say that that up to 50% of all businesses will change hands or be sold in the next 10 years. As of 2018, New Hampshire is tied for the second oldest population in the country and with over 20% of its population being 60 years or older, a planned exit strategy is crucial to maintaining the state’s economy now more than ever.
The Baby Boomer generation makes up roughly 25% of the US population and as they continue to reach retirement age, “the size of the labor force is projected to decrease, leading to decreased output if New Hampshire does not find replacement workers” (Read here). John Coughlin, founder and director of the MIT Age Lab and author of The Longevity Economy “makes the case for rethinking aging and retirement not as a burden, but as an economic catalyst that could transform business and society” (Listen to his interview with NHPR here).
When aging business owners create an exit strategy before selling or handing down their business, dependency and urgency on the part of the owner(s) decreases and allows others to prepare to run the company in the future. According to a 2016 report by the Nelson A. Rockefeller Center at Dartmouth College, New Hampshire has seen lower economic growth than the rest of the country. In order to avoid continuation of the declining trend in the economy, a smooth and thorough transition rather than closing the business due to lack of planning, perpetuates the stability of New Hampshire’s economy.
Join Wink Faulkner for a seminar in which you will cover the elements of value in your company that you need to keep track of in order to maximize the value and to plan a smooth transition. Whether you are looking to sell your business, pass it down in the family, or otherwise, you will come away with the knowledge you need to begin planning your exit strategy.
Note: This workshop will take place on October 31, 2019 @ 12:00 pm – 1:30 pm at the Hannah Grimes Center and is facilitated by Wink Faulkner of AdviCoach. Learn more and register here.
Wink was born and raised in the Monadnock Region, returning to raise his own family. After 16 years at Markem Corporation, Wink founded and co-owned the North American sales and service offices of Logopak Corp., the highly respected German manufacturer of industrial packaging equipment. He took Logopak from an unknown brand in North America to being the respected quality leader in the market. He has a proven record of implementing systems that improve profit and reduce costs. As a coach for Advicoach, he brings his many years of experience and expertise with business development, marketing and business analysis to the business owners of NH and beyond.
Wink is quite involved within the community through organizations such as Monadnock United Way, The Rotary Club of Keene, Pathways for Keene and The Monadnock Conservancy. He holds an MBA in Marketing from The Johnson School, Cornell University and a Bachelor of Arts in German Studies from Vassar College.