For many entrepreneurs, growing a business from scratch is akin to raising a child, which is perhaps why so many are reluctant to let go, according to a new survey.
Of 201 business owners whose companies have at least $10 million in annual revenue, 32 percent said they have no plans for choosing a successor, according to the survey conducted by GFK Roper Public Affairs for SunTrust Bank Private Wealth Management.
While 44 percent plan to pass their business on to a family member or promote someone within the company, only 14 percent plan to sell their business to a third party.
In addition, about 70 percent of respondents expect they will remain tied to their business in some capacity, mostly as consultants or board members' even after handing over the reigns to new leadership, the survey found.
Of 201 business owners whose companies have at least $10 million in annual revenue, 32 percent said they have no plans for choosing a successor, according to the survey conducted by GFK Roper Public Affairs for SunTrust Bank Private Wealth Management.
While 44 percent plan to pass their business on to a family member or promote someone within the company, only 14 percent plan to sell their business to a third party.
In addition, about 70 percent of respondents expect they will remain tied to their business in some capacity, mostly as consultants or board members' even after handing over the reigns to new leadership, the survey found.
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