Selling Your Business? What You Need to Know to Make it Succeed

Chuck Richards photoBy Chuck Richards

Over 90 percent of business sales fail.

It’s a stunning figure and a warning to all baby boomers and seniors, who own businesses and are planning to sell them before retiring, that the process can be hazardous and the end result can be heartbreaking.

The US faces a potential $6-trillion economic crisis as over 70-million soon-to-retire baby boomers, many of them small business owners, sell or try to sell, their private businesses in the next decade. If baby boomers cannot effectively sell or transfer the 4.5-million private businesses they own to the next generation, it could have a huge impact on our economy.

Retiring boomers and seniors need to be confident that a sale will not only succeed, but their companies will survive and thrive. A successful sale insures that long time loyal employees will keep their jobs and the cities and town where they live will continue to keep its residents employed.

Unlike selling a home, a vehicle, or another tangible asset, selling a business can be exceedingly complex. There are several factors to consider beyond assets and financial performance, as well as the process of the business transfer itself.

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Planning a Wedding in your 50s: Things to Consider

shutterstock_725348There are a number of reasons why planning a wedding in your 50s can be more fun than planning a wedding in your 20s. For one, you know yourself better and know what you want. Second, you’re in a more stable financial situation than your younger counterparts, allowing you to make your day that much more indulgent. Here are a few things to consider for your memorable big day:

The Dress

Steer clear from the fluffy princess-themed dresses, and instead, select a more elegant, streamlined dress. Be mindful of the neckline, and opt for something that is flattering, without being too revealing and low-cut. Off whites and muted creams tend to be more flattering on mature brides than bright whites. You might also want to consider a cocktail-length dress or couture suit that can be worn again at a later time. Draw inspiration for wedding dresses on Pinterest, where styles for second-time-around weddings are abundant.

Activities & Decor

While dancing will never go out of style, many of the games and activities played during weddings for younger couples may not be for you. Focus the celebration on your family, and dance the night away with your dearest friends. If you or your betrothed have children, allow them to partake in the wedding music selection to make it a family affair.

Fresh flowers are ideal for all types of wedding occasions, so include them in your bouquet and reception decor. Don’t be afraid to go outside of the box with bold, bright colors that will make your special day even more vibrant. Incorporate flowers into unexpected places for the perfect signature touches, including the wedding arch, place settings, and wedding favors.

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Coffee’s Positive Effects on Our Health

shutterstock_129132683-1While many of us cannot imagine Monday morning — or any other morning for that matter — without a steaming hot cup of coffee by our side, coffee can do much more than get us going and boost our energy. While coffee has traditionally been thought of as a stimulant that can make us nervous and jittery if we overindulge, it turns out regular coffee consumption is linked to some impressive health and fitness benefits. Consider the following:

Coffee and the heart

Studies have been unable to find a direct link between drinking coffee and an increased chance of developing heart disease, the Mayo Clinic reports. In fact, most research has found that consuming coffee on a regular basis leads to a reduced chance of early mortality, as well as a possible decreased risk of cardiovascular disease. In addition, notes Heart MD Institute, a meta-analysis by researchers in China looked at over 20 studies that involved more than 400,000 subjects. After examining the data, they concluded that drinking coffee does not increase a person’s chances of developing arterial disease. Conversely, women who consume about two cups a day have a decreased risk.

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What Comes Around

wedding photographyWhat the investment lessons of 2008-2009 can teach us about our strategies today

By Kurt Fillmore

President, Wealth Trac Financial Group

While the hit many seniors took to their savings in 2008-2009 might be painful to recall, there are important lessons to be learned (particularly for retirees and those approaching retirement) that can be applied to the portfolios and financial planning strategies of today.

Warren Buffett famously advised investors to “be fearful when others are greedy, and be greedy when others are fearful.” Unfortunately, too many people today are ignoring that advice—and the hard lessons learned during the last stock market plunge. Too many investors today are acting “greedy” when they should really be considering a more cautious approach.

Since the recession, the goal for many has been to make their lost money back. Now that many have achieved that, however, it might be a serious mistake to continue to push for more returns from assets that may be reaching their peak. Particularly for retirees and those approaching retirement, now is the ideal time to rebalance your portfolio to an appropriate risk tolerance for your age and personal circumstances.

To understand why, it may be helpful to take a closer look at how the “typical” investor was positioned in 2008 and see how it compares with common approaches today:

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6 Things the Sandwich Generation Needs to Know About Medicaid

(These guidelines are based on NJ)

People in the sandwich generation are plagued with a host of issues, including; raising a child, caring for an elderly parent and trying to make ends meet. When the health of elderly parent deteriorates to the point where a decision needs to be made whether or not to place the parent in a nursing home facility, stress and anxiety don’t adequately describe the already overwhelming situation.

Add on top of that the question of; how are we paying for this, and what you’ve got is a monster. They may need a Medicaid planner or consultant to hold their hand and guide them through the many intricacies of Medicaid while they stay focused on the care of the parent. Having helped and guided literally thousands of clients in similar circumstances, we’d like to share several of our most commonly-asked questions:

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Cut These Unnecessary Expenses & Save More Money in Retirement

shutterstock_151661894People age 65 or older make up 14 percent of the U.S. population, according to the U.S. Census Bureau. If you belong to this group and have retired, consider cutting these expenses to get the most out of your benefits and savings.

Become a One-Vehicle Household

If you are a retired couple with two cars in the garage, consider selling one. That way, you only have one vehicle to maintain and insure. Speaking of insurance, call your agent and ask for an assessment of your current policy. You may qualify for a low-mileage discount because you no longer commute.

Run errands together to save on fuel. While AAA reports that the national average price of gas is at a seven-month low of $3.34 per gallon (as of late September), fuel remains an expense you can easily control by planning ahead.

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Tai Chi Preserves Strength, Helps Heal the Body

shutterstock_42005905Tai chi is among several kinds of Chinese martial arts that have gained popularity in the U.S. Its origins are unclear, but its health benefits are well-documented and not just for mixed martial arts enthusiasts. Modern use of tai chi is known to help maintain or improve overall fitness and flexibility. And as most physicians recommend, movement is key to overcoming a variety of ailments, both physical and emotional.

Reporting on findings from the National Health Interview Survey, Medical Daily says about 250 million people worldwide regularly practice tai chi. In China, it’s common to see groups of tai chi adherents practice in parks during the early morning hours. In the West, it’s often recommended as a physical therapy based on traditional Chinese medicine for patients with Parkinson’s or cardiovascular disease.

Study Tai Chi at Home

Tai chi also offers preventive benefits. A report in Prevention indicates that the exercise may slow the aging process. A study from Taiwan’s Center for Neuropsychiatry at China Medical University Hospital found more CD 34+ cells, which increase self-renewal in blood stem cells, in a group of volunteers who practiced two hours of tai chi each week. Because cell renewal lessens with age, it’s thought that increasing the number of these CD 34+ cells will extend the life of key organs. Tai chi also improves blood flow, another important part of cellular health.

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