Given how much financial strife many small business owners have encountered in the last few years, some have likely wished all those problems would sort themselves out in short order. However, when it comes to a dream cash injection like winning the lottery, many entrepreneurs say that they’d still keep their businesses instead of calling it a career.
Today, less than 2 out of 5 small business owners say they would sell their companies if they won the lottery, as many would prefer to continue pursuing their passions within that company setting, according to a new survey from BMO Harris Bank. In addition, it should be noted that even when breaking entrepreneurs down by their age groups, the rate at which they’d give up on their businesses never eclipsed 50 percent.
The group most likely to call it quits were the youngest entrepreneurs (between 18 and 39 years old), of which 45 percent responded that they would do so, the report said. Those from 40 to 49 years old had the lowest rate of this (35 percent), but weren’t far off from those aged 50 to 64 years old (36 percent) or even those 65 years old or more (39 percent).
“Business owners are incredibly dedicated to their work, and our survey results reinforce the fact that, for many, they aren’t in it just to make money,” said Daniela O’Leary-Gill, head of small business banking for BMO Harris Bank. “The business owners we work with are passionate, driven and committed to seeing their ideas succeed. Small business owners can take advantage of our new online hub, Your Financial Life, which offers user-friendly and timely articles and advice on everything from recruiting employees to leveraging social media.”
Why is this important?
Michael Gregory, the head of U.S. economics at BMO Capital Markets, noted that small business owners sticking by their companies regardless of their personal circumstances can be beneficial for the entire country, the report said. This is because firms with less than 50 employees have generated 30 percent of all jobs created in the last few years, since the end of the recession.
Owners who want to improve their companies overall might be wise to consider the ways in which they can go about reducing their ongoing expenses, such as small business insurance. Cutting costs for commercial insurance, for instance, could end up saving companies thousands of dollars annually.