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Monday, October 24, 2005

Retirement Is An Attitude For Small Business Owners

A recent research study conducted by NFIB reveals the following about small business owner/entrepreneurs:

  • 68% of small-business owners have given at least “quite a bit” of thought to retirement, financial planning for retirement, and their relationship to the business at retirement
  • 46% of small employers intend to never fully retire
  • 60% percent of those intending full retirement at some point expect to phase-out, rather than to retire abruptly
  • 50% of small business owners plan to dispose of their current businesses through sale or closure at or prior to retirement
  • 29% percent expect to pass their businesses on at retirement
  • 22% expect neither to sell nor to relinquish their operation
BOTTOMLINE: Business succession plans are important for those who are looking to retire and pass their business on. For other small business owners, retirement continues to be an attitude, not a stage of life.

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