Surety Bond Quarterly - Fall 2017 - 21

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Feature

Bond Agency
Owners:

The Hardest Part is Letting Go

BY KEVIN DOYLE, R.A. BOBBI HAYES, AND TIMOTHY T. WILSON
Do You Really Want to Sell?
Every so often, CPAs receive a phone
call from someone who expresses an
interest in selling his or her business.
When this person is asked why he or
she wants to do so, he or she provides
this general response: "My customers won't pay me, my people don't
like me, I am working like a dog, and
my spouse is about to leave me." The
CPA will likely then ask: "If I can fix
the root causes of these issues, make
your people happier, repair your client relationships, and give you your
time back, would you still be interested in selling?" The most common
answer is "no."

When someone wants to sell and
attributes this decision to dissatisfaction in the job, what that person
is most often saying is that he or
she has lost control of the business
and does not know what to do. The
setbacks that many owners experience that push them to sell stem
from the greater problem that their
business lacks the leadership and
proper controls and procedures that
support healthier business operations and enable the owners to have
that quality of life outside of their
workplace. Without the right guidance on reclaiming the wellbeing
of their organization, many owners

will opt to dismantle the company or
sell for a fraction of what the business could be worth, with hopes that
selling will be the solution to fixing
their unhappiness. Unfortunately,
this often fails to provide them their
desired outcome.
However, by addressing the underlying issues of the business, the
owner is able to enjoy leading the
business again and, additionally, set
the business up for a future successful business sale later if he or she
chooses to sell.
Some Startling Statistics
The current majority of small to
medium businesses in the United
States are owned by Baby Boomers
(about two-thirds of all businesses
with employees, or about four million companies), most of whom are
expected to exit their business in the
next 10 to 12 years. Spanning a range
of birth years from 1946 to 1964, Baby
Boomers are already 53 to 71 years
old. By averaging the number of Baby
Boomer-owned businesses over this
timeframe, one might expect over

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21


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Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2017

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Advice for the Advisor!
How Can Construction Contractors Expedite Payment on Federal Contracts?
The Growing Importance of the Bond Producer in the Efficient Resolution of Claims
Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Bond Agency Owners: The Hardest Part is Letting Go
New Software Selection and Implementation is not a Weekend Project
Is Canada Soon to Have Its Version of the Miller Act?
2017 NASBP Resource Directory
Surety Bond Quarterly - Fall 2017 - Intro
Surety Bond Quarterly - Fall 2017 - cover1
Surety Bond Quarterly - Fall 2017 - cover2
Surety Bond Quarterly - Fall 2017 - 3
Surety Bond Quarterly - Fall 2017 - 4
Surety Bond Quarterly - Fall 2017 - 5
Surety Bond Quarterly - Fall 2017 - 6
Surety Bond Quarterly - Fall 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Fall 2017 - 8
Surety Bond Quarterly - Fall 2017 - From the CEO: Advice for the Advisor!
Surety Bond Quarterly - Fall 2017 - How Can Construction Contractors Expedite Payment on Federal Contracts?
Surety Bond Quarterly - Fall 2017 - 11
Surety Bond Quarterly - Fall 2017 - 12
Surety Bond Quarterly - Fall 2017 - 13
Surety Bond Quarterly - Fall 2017 - The Growing Importance of the Bond Producer in the Efficient Resolution of Claims
Surety Bond Quarterly - Fall 2017 - 15
Surety Bond Quarterly - Fall 2017 - 16
Surety Bond Quarterly - Fall 2017 - 17
Surety Bond Quarterly - Fall 2017 - Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Surety Bond Quarterly - Fall 2017 - 19
Surety Bond Quarterly - Fall 2017 - 20
Surety Bond Quarterly - Fall 2017 - Bond Agency Owners: The Hardest Part is Letting Go
Surety Bond Quarterly - Fall 2017 - 22
Surety Bond Quarterly - Fall 2017 - 23
Surety Bond Quarterly - Fall 2017 - 24
Surety Bond Quarterly - Fall 2017 - 25
Surety Bond Quarterly - Fall 2017 - New Software Selection and Implementation is not a Weekend Project
Surety Bond Quarterly - Fall 2017 - 27
Surety Bond Quarterly - Fall 2017 - 28
Surety Bond Quarterly - Fall 2017 - 29
Surety Bond Quarterly - Fall 2017 - Is Canada Soon to Have Its Version of the Miller Act?
Surety Bond Quarterly - Fall 2017 - 31
Surety Bond Quarterly - Fall 2017 - 32
Surety Bond Quarterly - Fall 2017 - 2017 NASBP Resource Directory
Surety Bond Quarterly - Fall 2017 - 34
Surety Bond Quarterly - Fall 2017 - 35
Surety Bond Quarterly - Fall 2017 - 36
Surety Bond Quarterly - Fall 2017 - 37
Surety Bond Quarterly - Fall 2017 - 38
Surety Bond Quarterly - Fall 2017 - 39
Surety Bond Quarterly - Fall 2017 - 40
Surety Bond Quarterly - Fall 2017 - 41
Surety Bond Quarterly - Fall 2017 - 42
Surety Bond Quarterly - Fall 2017 - 43
Surety Bond Quarterly - Fall 2017 - 44
Surety Bond Quarterly - Fall 2017 - 45
Surety Bond Quarterly - Fall 2017 - 46
Surety Bond Quarterly - Fall 2017 - cover3
Surety Bond Quarterly - Fall 2017 - cover4
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