While using personal savings to launch a new business offers a number of financial benefits compared to using loans that can carry high interest rates, boomer business owners often face unique retirement challenges by putting their financial resources at risk later in life, according to the press release about the survey.
Nearly 60% of boomers say their work/life balance improved after going into business; however, 70% say they are surprised by the amount of time they spend on issues not directly related to their core business, such as legal, accounting and insurance matters.
More than half (55%) reported an improvement in their personal financial picture after starting their business, compared to 25% who saw their financial situation get worse.
Among those boomers for whom their business is their primary source of income, 70% are confident that they and their families will be able to live comfortably off the income earned from the business after they retire.
Ninety percent of boomer business owners are confident in their ability to plan for their own business and personal financial needs, with few of them seeking regular consultation and guidance from professional advisers.
More than half (51%) of boomer business owners regularly rely on guidance and insights from their accountants, 20% of owners regularly rely on a financial planner, 31% regularly consult an attorney and 32% regularly consult an insurance adviser.
The survey was conducted in May 2007 and included 505 business owners with fewer than 127 employees.