Connecticut faces some daunting challenges with its aging population, so much so that the state has formed a legislative commission on aging with initiatives to address these issues. Of particular concern, are baby boomer business owners. Nationally this group owns about 66% of all businesses with employees. At some point, all of them will have to consider exiting their business to retire or risk dying at their desks. If exiting is not done well, it will not only affect retirements, but there will be a larger, negative impact on the CT economy as well.
By 2025, older adults will comprise at least 20% of the population of almost every town in Connecticut. – CT Legislative Commission on Aging
Exit planning is essential to ensuring timely retirement and the survival of existing businesses, but recent national reports say the majority of owners aren’t prepared. VR Business Sales – Mergers & Acquisitions, Marcum Accountants & Advisors and the Zangari Cohn Cuthbertson Law Firm have joined forces to better understand the attitudes among Connecticut business owners regarding exit planning. The group has created a survey to establish owner readiness for exiting a business and to better understand the sentiment for selling or transitioning a business in Connecticut. In particular, this survey hopes to quantify the challenges ahead for business owners as the population continues to age. UPDATE: The survey is closed, the report has been published.