Baby boom

A well-worn business saying goes something like … not having a plan for selling your business is a plan for failure.

Maybe it’s not worn enough. Reason No. 1: One third of baby boomers, in a recent survey response, say they expect to sell or transition their business in the next five years. But more than a third of the respondents in the survey, from SunTrust, say they don’t have a specific plan for an exit strategy. And 21%, the survey found, “admit they are not financially prepared for retirement.”