Win the Lottery and Sell Your Business? Not so Fast  – According to BMO Harris Bank Survey

BMO Harris Bank issues findings in advance of National Small Business Week

BMO Harris Bank May 8, 2014

BMO Harris Bank today released the results of a smallbusinessowner poll that found less than half (39 percent) of small business owners would sell their business if they won the lottery. The results were revealed in advance of National Small Business Week (May 12 – 16), designated by the U.S. Small Business Administration. 

“Owners of their own business are extraordinarily committed to its success; it’s very personal.  Our survey results reinforce the fact that for many of them, it isn’t just about the money,” said Steve Johnson, Arizona Regional President of BMO Harris Bank, which has a program to help businesspeople to help them start or grow a small business. “The majority of clients we work with put in the necessary blood, sweat and tears because they are so passionate about what they do.”

The survey, which polled smallbusiness owners with earnings less than $3 million, also showed how many would sell their business by age, with millennials most likely to be willing to part with their business:

Age

18-39

40-49

50-64

65+

Would sell their business

45 percent

35 percent

36 percent

39 percent

“Small businesses have, historically, been a major driver of job growth and innovation in the economy,” said Michael Gregory, head of U.S. Economics for BMO Capital Markets. “For example, since net job growth turned positive after the recent recession, firms with less than 50 employees have accounted for 30 percent of all jobs created, on par with the very largest employers (1000+ employees) in the country.”

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