The Enterprise Value Specialists at Ceibass work with many Boomer Generation business owners in the lawn & landscape industry to prepare their businesses for sale and help them get ready for retirement.
That’s why it is with great interest that the professionals at Ceibass read this year’s Insured Retirement Institute’s Boomer Expectations for Retirement 2017 report. It is the seventh annual update on the retirement preparedness of the Boomer Generation.
“The fact is Boomers, in general, are under-saved, under-planned, have unrealistic expectations, and have an inadequate understanding of the risks they will face in retirement,” said Tom Fochtman, Ceibass CEO. “Our job is to educate our client’s about “the real” value of their business. Not pie-in-the-sky, but real honest assessments of where they are in the game so they can prepare. We are in the best market ever for sellers in the landscape industry. If you’re considering selling as the final piece of your retirement, now is the time.”
“And if selling your company will not bring enough money to your retirement war chest, you need to make changes now to increase the value of your business that will enhance the value of a sale down the road,” added Tom.
Here are some other key findings from the Boomer Expectations for Retirement 2017 report:
- Only 23 percent of Boomers believe they will have enough money to last throughout retirement, and that they have done a
- good job preparing for retirement
- Eighty-two percent of Boomers underestimate the percentage of their income that may be required to pay for health care.
- More than seven in 10 Boomers believe they can subsist solely on Social Security if they run out of money during retirement.
- Only 54 percent of Boomers have retirement savings, the lowest recorded in the seven years of the Boomer report.