Earnings and Retirement Plans

No matter how much you make, the day will come to sign off for good — or will it? With more than 2 out of 3 pros between the ages of 50 and 70, that day creeps closer.

Published

2 years ago

March 7, 2022

18. At about what age do you plan to retire?

CAN’T STOP, WON’T STOP. So much for golden years: 31% of respondents plan to retire after the age of 70, while 10% have no plans to cease working.

19. What is your exit strategy?

Go out of business/close the company
3%
Pass it/sell it to someone in the family
26%
Sell it on the market
27%
Sell the business to an employee
9%
Hire a professional manager but go hands-off
8%
Sell a portion and keep a stake as an income generator
8%
I have no exit plan
19%

EXIT STAGE, RIGHT? The three leading exit strategies for those planning to retire between 65 and 75 are to sell the business on the market (26%) or to pass it/sell it to someone in the family (25%) — while 20% have no exit plan.

20. How much did you earn last year from being a sign-business professional (including salary and share of profit)?

Less than $100,000
58%
$100,000-$249,999
29%
$250,000-$499,999
9%
$500,000-$999,999
1%
$1 million-$1.9 million
1%
$2 million-$4.9 million
1%
$5 million or more
1%

RICH GETTING RICHER. Among the 42% reporting earnings of $100K or more, 14% reside in California, though the Northeast boasts the largest regional portion at 30%. And they want more! Their top two priorities are boosting profits (37%) and growth (32%).

21. What is your ultimate business goal?

To run a business that keeps my family fed and me engaged
39%
To build the family business for the next generation
25%
To reach $1 million in annual sales
5%
To reach $2 million in annual sales
6%
To reach $5 million or more in annual sales
9%
To build a regional or national brand
7%
Other (sell the business, retire comfortably)
9%

22. What’s the current state of your retirement plan?

Dire
7%
It needs a modest boost
29%
On track
39%
I could retire today
13%
I don’t plan to retire
12%

DIRE WOOF. 87% of those whose retirement plan is “dire” are between the ages of 40 and 59, with nearly half of them over 50.

Signs of the Times Staff

Signs of the Times has been the world leader in sign information since 1906. Contact Signs of the Times' editors at editor@signsofthetimes.com.

click to Comment(Comment)

Next Part

Employees

Previous Part

You and Your Management Style

Introducing the Sign Industry Podcast

The Sign Industry Podcast is a platform for every sign person out there — from the old-timers who bent neon and hand-lettered boats to those venturing into new technologies — we want to get their stories out for everyone to hear. Come join us and listen to stories, learn tricks or techniques, and get insights of what’s to come. We are the world’s second oldest profession. The folks who started the world’s oldest profession needed a sign.