The UK Microbusiness community, which employs 33% of all workers in the UK, threatens to ‘leave a crater’ in the UK economy owing to a lack of succession planning created by a culture of low income and later life working according to new research by BusinessesForSale.com.
The report, commissioned to assess the future fitness of UK microbusinesses, found these small but significant providers of employment and dutiful payers of PAYE and tax are burgeoning with older and ageing owners.
58.2% of them are planning working past the age of 66 with 75% them paying themselves equal to or under the living wage. 51.1% don’t have a succession plan, of those that do 53.7% plan to privately sell their businesses.
Rufus Bazley, Marketing Director at BusinessesForSale.com says, “Our research has...