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

1 year 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.

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