Numbers: Retirement and Succession Plans

June 9, 2023

A look at the options retirement-aged shop owners are considering.

According to the 2023 Ratchet+Wrench Industry Survey Report, more than half of auto repair shop owners have no retirement plans.

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 Jones | Editor

Chris Jones is the editor of Ratchet+Wrench magazine and host of its companion podcast, Ratchet+Wrench Radio, a weekly show featuring automotive professionals across the auto care landscape.

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Numbers: Introducing the 2024 Ratchet+Wrench Industry Survey Report

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