More than half (53 percent) of business owners provide, or have provided, substantial financial support (not a loan) to other adult members of their family, including their parents, grandparents, siblings, nieces and nephews.
- Business owners are less likely than non-business owners to financially support adult children but are more likely to support other adult family members.
- Fifty-seven percent of business owners do not have a financial plan that accounts for financial support needed by other adult family members.
- Forty-four percent of business owners, compared to 31 percent of non-business owners, expect to financially support their parents or in-laws at some point.
- Thirty-five percent of business owners, compared to 21 percent of non-business owners, indicate that they have forfeited income or advancement of their career in order to care for the special needs of children or parents.
- Seven in 10 business owners (71 percent) agree that the needs of the business often take priority over their own personal needs and obligations, and approximately one-half (52 percent) focus more on the finances of the business than on their personal finances.
- More than half (53 percent) of business owners say that minimizing the impact of taxes is an important factor in their investment decision-making; however, approximately four in 10 percent do not feel very well informed about the impact of tax increases on either their investment returns or income.
- While three-quarters (78 percent) of business owners founded or co-founded their business, only 18 percent of baby boomers and 27 percent of business owners over the age of 68 intend to pass their business on to the next generation. Most plan to sell the business or close it when they are ready to leave, suggesting that a majority of next generation entrepreneurs are, or will, pursue business ownership on their own or with inherited family wealth.
- At least one-half of young business owners, including 60 percent of millennials, have a formal succession plan to ensure the continuity of their business, compared to 34 percent of baby boomers and 44 percent of business owners over the age of 68.