More than 50 percent of all small-business owners are 50 or older, according to the U.S. Small Business Administration. That means many of America’s 28 million small-business owners are coming to that point in their lives when they need to think about a transition for their businesses.
A survey earlier this year by CNBC and the Financial Planning Association found that while 78 percent of small-business owners intend to sell their businesses to fund their retirements, fewer than 30 percent have a written succession plan. That’s not a recipe for success.
