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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