Inc.:
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.
Photo by MSDesigns.
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