Feb 5 2007
The majority of business owners in the UK have not yet set out a course of action for their company for when they retire, according to a recent survey.
Results from a Barclays Financial Planning questionnaire reveal that 64 per cent of business owners do not have plans for their firms in their retirement, with this figure rising to 83 per cent for sole traders.
The company states that with the average age of those questioned a decade from their planned age of retirement, much needs to be done in the intervening time to ensure a secure retirement.
Stephen Ingledew, commercial director at Barclays, said: "So many business owners have the financial security of their retirement tied up in their livelihood and it is essential that they plan early so they can determine the best route to release this security or devise a plan that ensures a worry-free retirement."
He added that those considering passing on their business to either partners or their children should plan early to ensure their successors agree to this succession and are adequately prepared for it.
Earlier this year, Zurich Financial Services claimed that the average small-business owner in the UK is underpaid and overworked.
