Numbers: Retirement and Succession Plans

June 9, 2023
A look at the options retirement-aged shop owners are considering.

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% 

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