As I walked through the grocery store recently, I came across a display of half-priced chocolate Easter bunnies. It seemed the store had been a little overzealous in its ordering this year, and now, with the holiday over, there was a surplus available for pennies on the dollar.
They were in perfectly good condition, and had I not already consumed more than my share of Easter treats, I would have been tempted. But I strolled right by those left-behind bunnies.
Soon there may be a glut of small businesses on the market too. According to Minneapolis-based Barlow Research, 60 per cent of today's small-business owners will reach age 65 in the next 10 years. Since Canada and the United States share the baby boom population bulge, this same trend can be seen north of the border. Over the next decade, a lot more businesses than usual will be for sale.
This could lead to an oversupply of companies that need new owners, a situation that could have a number of implications: If you're tired of corporate life and want to buy a business, you will have a lot to choose from at attractive prices. But if you're at the other end — you own a business and you are considering an exit — you should consider acting soon, before your business reaches its "best before" date.
Special to the Globe and Mail
John Warrillow is the author of Built To Sell: Turn Your Business Into One You Can Sell . Throughout his career as an entrepreneur, Mr. Warrillow has started and exited four companies. Most recently he transformed Warrillow & Co. from a boutique consultancy into a recurring revenue model subscription business, which he sold to The Corporate Executive Board in 2008. He is the author of Drilling for Gold and in 2008 was recognized by BtoB Magazine's "Who's Who" list as one of America's most influential business-to-business marketers.