Baby boomers are not going as quietly into retirement as one might expect.
Guidant Financial reports that over half of all current business owners in its State of Small Business survey indicated they are over the age of 50.
“The survey painted a clear picture that entrepreneurs over the age of 50 are creating a significant impact on the landscape of small business,” the financial services firm said.
“Though it’s generally thought that younger entrepreneurs have an advantage in business because of their familiarity with technology, awareness of current trends and ability and freedom to work longer hours, boomers are using their experience in the workplace, expansive professional network and stable financial positions to become successful business owners.”
Among the survey’s findings:
- 67 percent of baby boomer business owners reported their business was currently profitable;
- 76 percent have five employees or less; and
- 85 percent were motivated by a desire to be their own boss or pursue their passion.
Guidant Financial partnered with online lending marketplace LendingClub. More than 2,600 current and aspiring business owners across the country responded to questions ranging from their confidence in the economy to obstacles they faced pursuing business ownership and how they would spend additional capital. Here’s a look at current small business trends and what to expect in 2018.