Never mind the Brexit - business owners want their life back now
Personal motives come first for entrepreneurs thinking of selling up, according to a new survey by BCMS.
Analysis from around 100 business owners found that 70% cited issues such as achieving a better work/life balance, burnout, and retirement as their main reason for seeking an exit, while just 30% chose ‘economic’ reasons like equity release or pursuing other business interests.
Retirement has traditionally been the most common trigger for SMEs to change hands, but over the last five years, a new class of business owners has emerged who want to move on – before being forced to by old age or failing health.
Aside from those seeking to retire or lifestyle change, one in six entrepreneurs wanted out because their business has grown beyond their comfort zone and requires different management and leadership skills. Conversely, just 6% of owner-directors wanted to sell up and stay with their business.
The results also confirmed that the majority of business owners remained confident in the UK economy, with little movement before, during, or after the recent General Election. However, the margin is narrow, with 44% of respondents ‘confident’ and 41% feeling ‘unconfident’ over the economy in the next year. Just 14% were neutral.
The survey was carried out over the six months from January to June, with 92 UK business owners responding. All respondents were attending BCMS’ on-demand webinars, where former clients and expert advisors discuss aspects of growing and selling businesses.
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