“The pandemic forced businesses to work in ways we’d never even considered...."
FOR IMMEDIATE RELEASE
Oct. 11, 2022
NSBA Releases New Survey on Business Planning & Digital Utilization
Washington, D.C. – Today, the National Small Business Association (NSBA) is releasing a new survey of small business about business planning and succession, their utilization of digital tools and what it means to be a small-business owner in today’s world. Among the key findings: just over half of small-business owners have a plan to pass on or sell their business when they retire, and nearly half of small-business owners say a merger or acquisition is important to their business exit strategy.
“After the last three years, small-business owners have taken stock of where their business is and where it’s headed,” stated Todd McCracken, NSBA president and CEO. “The overwhelming majority of small businesses are the original founder of their business and play a very hands-on role, from personally writing the business plan to identifying a family member or staff member to take on the business when they retire.”
When it comes to exit strategies, mergers and acquisitions are an important piece of the plan. Nearly half of small-business owners, 43 percent, say a merger or acquisition is important to their business exit strategy. Asked about digital tools, small-business owners reported high utilization rates of a variety of digital tools and platforms.
“The pandemic forced businesses to work in ways we’d never even considered and the utilization of digital tools, particularly for remote work, is what kept millions of small businesses afloat,” NSBA Chair Mike Stanek of Hunt Imaging, LLC in Berea, Ohio. “The majority of small firms say that digital tools have contributed to the growth of their business and nine-in-ten have a positive view of the tech sector.”
This survey was conducted online among 523 small businesses across the country May 23 – June 27. We hope you find the data in this report useful. Please contact the NSBA media affairs department with questions.
Please click here to download the full report.
Celebrating 85 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz or @NSBAAdvocate.