Many business owners lack a succession plan

(NewsUSA) – America’s business owners are facing increasingly complex challenges, not only tracking the nuts and bolts of the daily tasks that come with owning a business, but keeping up with things like technology and managing healthcare costs for employees. However, many business owners have not made plans for the future of their business, based on a survey from financial services firm Edward Jones in partnership with Morning Consult and NEXT360 Partners. Approximately half of American business owners are currently over the age of 55, and many of them may be considering retirement, but more than a third say they have no succession plan in place, according to the survey, which was conducted in April 2024 and included 400 business owners who responded to online questions and unstructured interviews. Among business owners with no succession plan, 38% reported their business is not at a point at which succession planning is a priority. Both uncertainty about the future of the business and how to start making a succession plan were the top reasons for not having one (32% for both), according to the survey. “For many business owners, short-term priorities associated with running a business might feel more urgent than planning...