Covid-19 Derails Retirement Plans of Older Small-Business Owners
Via the Wall Street Journal…
“Mr. Dreibelbis is at a crossroads like millions of small-business owners who are at or near retirement age. More than 40% of the 30.7 million who own small businesses are 55 and older, and the majority of them have poured their savings into their shops and companies. Many have been hit by coronavirus closures at a time when they were within a year of selling in order to fund their retirement. They have to decide whether to invest more time, energy and money in businesses they have put their hearts into, or cut their losses. At their age, they don’t have the time to start over.”
“What to do next is not just a financial decision, but an emotional one as well. Many began with a dream and spent decades fulfilling it, raising children along the way, some of whom joined them at the counter or warehouse. They and their business are often a part of the local community and provide jobs and gathering spots for neighbors. Closing that chapter means beginning another one that many associate with their last.”