Small Business Owners Take Job Creation Seriously
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It turns out business owners worry about much more than the bottom line. New research has found that more than 70 percent of business owners feel responsible for creating jobs and keeping their employees working.
Additionally, 66 percent of business owners say that they feel empowered to make a difference because they can create opportunities for others.
That concern and dedication to their employees and businesses, however, may be leading to problems for business owners themselves. Less than half of business owners say they are preparing financially for their future by using a trust to protect their assets. Additionally, 55 percent of business owners say they have not established a succession plan for their business, while 60 percent have no estate plan.
"Some of the most successful business owners and entrepreneurs in history have been driven by a desire to change the world and improve the lives of others," said Keith T. Banks, president of U.S. Trust, which conducted the research. "The country was founded on that spirit of entrepreneurism, and it is a tremendous engine of economic growth and prosperity.
"Yet many business owners are so caught up in what they are doing that they often don’t envision a world without them in it. By not anticipating risks or a change in circumstances, they unintentionally may put the financial security of their families and employees at risk, despite their best intentions."
Overall 55 percent of business owners say they have made investments to expand their businesses since 2008. The top concerns stopping growth remain economic and regulatory issues. Business owners also worry about access to credit and funding when looking to expand.
The research was based on the responses of 642 business owners, each with at least $3 million in investable assets.