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Business owners: Succession planning takes precedence over personal finances

Business owners are better at managing their companies than their personal finances after they retire.

By Paula Aven Gladych | Updated on November 27, 2012

Sixty percent of business owners are confident their business will continue to be successful after they retire, according to findings from the Merrill Lynch Affluent Insights Survey: Business Owner Spotlight. But only 35 percent of business owners with $10 million to $250 million in revenue said they are very confident that their own wealth management strategies will help them meet their financial and life goals if they stopped running their business today.

Only 39 percent of business owners said they worked with a management consultant, personal financial advisor or commercial banker to develop a succession plan, and one-third of them have not worked with a personal financial advisor or commercial banker to prepare their own personal finances.

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