SMEs forced to delay retirement
The Enterprise Ladder Report by borro revealed that a third of small business owners are unable to retire – of those aged 55-64 years old just 5% are expecting to retire in the next year.
A quarter (27%) believed their retirement to be six to 10 years away and a further 8 % expecting to work for at least 10 more years.
A fifth (22%) of SME owners have been forced to lay off staff over the past three years, while nearly a quarter (24%) have had to delay investing in machinery and equipment.
Two fifths also reported that they currently have long term debt.
Paul Aitken, CEO of borro, said: “Britain prides itself on its entrepreneurial spirit but the financial downturn has caused short-term financing issues for many small businesses. The impact of this lack of liquidity is such that small businesses have often had to make drastic cuts to personnel and equipment in order to stay afloat.”
The average entrepreneurial age was 46 years old compared to just 36 for those who set up their business before 2002.