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December 26, 2005
Small Business owners Planning To Retire From Their Business
Eighty percent of small business owners surveyed are happy running their businesses and have no intention of retiring.
Starting a small business and steering it until it is a thriving and profitable concern takes hard work and lots of dedication and motivation. It is no wonder that many small business owners, especially those who have been immersed in their business find it hard to imagine the day when they'll have to let go and turn their backs on their "baby".
A new Wells Fargo/Gallup Small Business Index finds that 80 per cent of small business owners surveyed are happy running their businesses and have no intention of retiring at 65. Almost 40% say the only thing that would force them to retire is their health.
We started this business with our hearts and our minds and are extremely passionate about its success. It would be very difficult to just walk away from what we have built and 'retire' completely," said Nancy Fe Tom, owner of the Architectural Company in Tucson, Arizona. "I will always have an interest in the success of this company and will be committed to continuing that success for as long as I can."
Listed below is the result of the survey. See where you feature is the survey results:
| Survey Results of Entrepreneurs Planning to Retire From Their Business | ||
| A new Wells Fargo/Gallup Small Business Index finds that eight of ten small business owners surveyed are happy running their businesses and have no intention of retiring. Presented below are the survey results. See if you agree with the survey statistics. | ||
| Survey | You | Statictical Results |
| 42% of small business owners surveyed indicate they may cut on work, but will never completely abandon their business | ||
| 66.6% of small business owners expect their business to continue operating after they have retired. Plus 41% from this expect someone in their family to keep the business going. | ||
| 19% plan on traditional retirement | ||
| 41% of those business owners who expect their businesses to carry on beyond their working years | ||
| 34% expect sell their business to someone from outside the business | ||
| 21% say they will sell it to one or more employees in the business. | ||
Posted by David at December 26, 2005 1:49 PM
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