UK - Small business bosses are planning to use their firms as a pension when they retire, Abbey National Business claims.
Research by the company – the business arm of the UK mortgage banking giant – found that nearly a third of small business owners were building up successful firms to sell to the highest bidder upon retirement.
Only 15% of small businessmen and women said that they wanted to keep their firms in the family and only 6% planned to sell it to staff.
Abbey National Business director Gary Hockey-Morley said: “It’s a far cry from the days when everyone in the family used to work in the traditional small business and it was simply passed down from generation to generation.
“Today’s small business bosses want to enjoy their retirement and with pensions falling short, they are looking to their businesses to fill the gap.”
Abbey National found that while 30% of small business bosses envisage staying at the helm until they are 62, only 3% plan to work past the age of 75.
The Abbey National Business research was conducted by MORI Financial Services. It questioned 452 owners of firms with between five and 249 employees.
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