While every shop owner won’t work forever, 65% of shop owners say they intend to retire, and when they do, 25% plan to transition out by transferring power to a family member or business partner.
Do you have plans to retire in the near future?
- Yes: 65%
- No: 35%
What is your business succession plan?
- Sell to a private buyer: 26%
- Leave it to a family member or business partner: 25%
- Sell it to a chain/consolidator: 3%
- Transfer ownership to staff: 18%
- I don’t have one: 19%
- Other: 9%
About the Author
Chris JonesChris Jones
Group Editorial Director
Chris Jones is group editorial director for the Vehicle Service & Repair Group at EndeavorB2B.
A multiple-award-winning editor and journalist, and a certified project manager, he provides editorial leadership for the auto care industry's most trusted automotive repair publications—Ratchet+Wrench, Modern Tire Dealer, National Oil & Lube News, FenderBender, ABRN, Professional Distributor, PTEN, Motor Age, and Aftermarket Business World.
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