A third of boomers expect to transition the ownership of their businesses in the next five years, thanks to the approach of retirement.
That’s according to a SunTrust survey, which finds that 36% lack a specific plan for how to transition their business, and 21% admit they’re not financially ready to retire.
“Baby boomer business owners are approaching retirement at a moment when the economy is growing and a high number of private equity firms are seeking investments,” Jason Cagle, head of commercial banking for SunTrust, says in a statement.
Cagle adds, “This makes it a very attractive time for them to explore a sale of their business.”
But it’s not just their forthcoming retirement business owners worry about—it’s the future of their businesses even after they depart the premises for the last time. In fact, 40% said that excessive operational disruption would prevent them from accepting an offer to purchase their company.