Owners leaving their businesses

Thousands of small business owners are planning their exit.

Up to 370,000 small businesses plan to cease trading over the next five years, with an additional 424,00 owners planning to leave their business by selling within the next five years, which is more likely to protect the millions they employ.

The study found that the revenue a business made did not have a big impact on whether an owner was planning to leave, and business owners in London are the most likely to be planning to exit their business in the next five years.

Small business owners are split over Brexit

Small business owners are split over the impending EU referendum, with 41% supporting staying within the EU, 44% being pro-Brexit, and 15% still undecided. The study also revealed that small businesses with higher revenues were more supportive of staying in the EU.

Read more about the research in Bizdaq’s UK Small Business Closure Report 2016.