Two months ago, my neighbor of more than 20 years hung out a “For Sale” in front of his house. He told me it was time. His children were grown and out of the house and he was closing in on retirement from his job with the county. His wife had retired just months before. He had set his sights on North Carolina and showed me the blueprints for his retirement home.
He was one of those true do-it-yourselfers, he mowed his own lawn, repaved his own driveway and installed a new front door. His home was always immaculate, and I assumed it would sell immediately.
The sign is still out and despite a few nibbles no one has made a concrete offer. I asked him what the problem was, and he said the realtor told him that it was truly a buyer’s market and home shoppers could be a lot more selective than even as recently as five years ago.
So, he waits and waits and waits for an offer that hopefully will come before the New Year.
Which in a roundabout way sort of brings me to the accounting marketplace – particularly regarding succession and M&A.
This week I had to have a painful heart to heart with a practitioner in his mid-70s – a sole owner with no succession plan. When I asked him our $64,000 question about how many more years he wanted to work full time – he simply replied “forever.”