Brewin Dolphin Wales Business Owner Survey finds:
- 63% have begun to think of a business exit strategy
- 51% don’t know how they’ll exit their business
- 40% don’t have plans in place to support their family if they cannot work
- Nearly 50% of business owners don’t know how much wealth they need for retirement
A recent survey by Brewin Dolphin highlights some interesting statistics on how business owners in Wales view their business, their financial situation and their future. The participants also expressed their views on succession planning for when they decide to exit their business.
Out of those who responded to the survey, 63% had begun to think about their exit strategy but 51% did not know how they would exit their business. Only 54% of the business owners understood how to plan their business exit strategy and a further 48% were unsure how much wealth they needed in order to have the lifestyle they want in the future. The survey also found that just over half (55%) of respondents thought they had the right team in place to ensure their business continued to thrive, even in their absence, indicating a skills gap.
Why it is important to get financial advice early
As well as ascertaining business owners’ views about their business, the survey also asked them how they plan their personal finances. The results showed that only 20% of respondents are receiving advice from a financial planner. This indicates that the value of seeking expert financial advice to help with planning for various life stages is not being availed.
The survey also found that only 32% of respondents are receiving advice in a business or personal capacity from an accountant, 18% from a solicitor, 18% from fellow business owners and 8% from corporate advisers (those who aid in selling a business), highlighting a key need for these professional services in Wales to engage more with business owners.