This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Affluent Insights Survey: Business Owner Spotlight Finds Business Owners Confident Their Business Will Succeed After Retiring; Succession Planning Is Key

Sixty percent of business owners are confident their business will continue to be successful after they retire, according to findings from the Merrill Lynch Affluent Insights Survey: Business Owner Spotlight, announced today. However, only 35 percent of business owners with $10 million to $250 million in revenue said they are very confident in their personal wealth management strategy’s ability to meet their financial and life goals if they were to stop running their business today.

Additionally, only 39 percent of business owners worked with a management consultant, personal financial advisor, or commercial banker to develop their succession plan. Similarly, many business owners have not worked with a personal financial advisor and/or commercial banker to prepare their personal finances for possible scenarios in which they will no longer be actively running their business (33 percent).

“The best succession planning strategies evolve and require frequent evaluation. A transfer of ownership or management could happen on a timeline as planned, or come as a result of sudden or unforeseen circumstances,” said John Thiel, head of Merrill Lynch Wealth Management. “That means business owners must take a holistic view of both personal and business finances. It is important that business owners are prepared for a variety of situations, not only so their business can seamlessly continue running after a transition, but also so their personal finances can continue to support their financial and life goals.”

When asked who they would trust to take their place if they were forced to stop running their business today, half (51 percent) of business owners would choose a current employee, followed by a family member (24 percent). One in five (21 percent) however stated they’d have to hire someone from outside their business. If someone were to take over their company today, business owners would be most concerned with financial management (23 percent), leadership succession (20 percent), and business development and growth (16 percent).

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs