Freelance UK - News Sponsorship
	Freelance UK Money Club  Mortgages - Income Protection - Retirement Planning - Life Cover  No consultation fees, no pressure, just free, impartial advice from  specialist IFA FreelancerMoney.

Owner-managers: 'For richer, for poorer'

‘For richer, for poorer’ may as well be the motto of the UK’s micro business owners, following new research that shows the majority of company owners have no plans to fold.

In fact, 60% of small business owners reject the idea of selling or leaving their company, while a further third can’t imagine quitting within the next three years.

Such is the verdict of insurer NIG, which probed the attitudes of micro firms to find their owners crushed the popular perception that self-employment is a fast-track to riches.

Obtained by the Mail on Sunday, the research found the majority are happy to stick for the long haul, though; out of those eyeing retirement or exit, a family member was the likeliest beneficiary.

Almost a fifth of company owners said that, if they were to quit, their business would be passed onto their loved ones, compared with nine per cent who would fold without any financial strategy.

The Forum of Private Business reportedly hinted against an exit absent of strategy or potential remuneration.

“It is likely that the business will be the majority of the owner’s assets,” said Len Collinson, chairman of the group.

“- And there are huge tax implications, so it is common sense to seek help when planning an exit.”

Steve Kingshott, of NIG, reflected on the findings: “These results fly in the face of the popular perception of the get-rich-quick small business entrepreneur with a five-year business plan and a rapid exit.”

Elsewhere, the results confirmed previous small business research that most owners are no longer empire-builders, evidenced by just one in 100 planning to float their firm on the Alternative Investment Market.

Nov 7, 2006
Email this article
Printer friendly page

Previous Page