Whether your retirement is early, late, or right on time, it’s an occasion that marks the beginning of a new phase of your life. However, no matter how much time, effort, and enthusiasm you have put in over the years, exit planning is important for a myriad of reasons.
With a rise in the number of people retiring following the pandemic, we surveyed UK business owners to see just how they plan to spend their retirement in 2023 and shared insight into the importance of an exit strategy.
According to BPI Auctions, the ultimate retirement bucket list for 2023 includes:
- Live carefree without having to worry about bills (55%)
- Travel the world (or dream destination) (48%)
- Grow vegetables / start an allotment (20%)
- Go travelling in a camper van (18%)
- Move abroad permanently (16%)
- Spend more time with the grandchildren (15%)
- Fly first class (13%)
- Renovate your dream house (12%)
- Rescue a shelter dog or cat (11%)
- Take an unplanned flight (8%)
Amidst the cost-of-living crisis, the research revealed that over half (55%) of business owners simply want to live carefree without having to worry about bills or being able to afford “treats” in the future. With prices for many essential goods increasing faster than household incomes since 2021, it is no surprise that pre-retirees are worried about their financial future.
However, travelling the world or to a dream destination wasn’t far behind, with just under half of business owners still planning to jet off either alone or with a companion (48%) in 2023. Over one in six (16%) also admitted that they’d love to up and leave the UK permanently to migrate abroad.
Travel tends to be a hot topic among pre-retirees, with almost one in five (18%) business owners wanting to travel from location to location in a camper van, one in seven (13%) wanting to fly first class and one in 12 (8%) with the dream to take an unplanned flight now that travel restrictions have eased following the pandemic.
Following multiple lockdowns during the pandemic, business owners are feeling more family-orientated, with one in six (15%) planning to spend more time with their grandchildren.
The survey also revealed that just under half of business owners plan to retire between the ages of 61 and 70; however, over four in 10 admitted they had no retirement plan or exit strategy in place.
Henry Spencer, Chief Operating Officer at BPI Auctions, said: “The pandemic followed by the cost-of-living crisis has undoubtedly put several spanners in the works for retirement plans, but things like this can often lead to new dreams and goals.
“However, it is worrying to see so many business owners without an exit strategy; this should be a significant part of their retirement plans. It can allow them to act quickly due to any unforeseen circumstances and can make their business more attractive to potential buyers.
“Business asset auctions are not just there to support businesses who are trying to raise capital as part of the liquidation process or due a restructure, but also for business owners looking to retire. Disposing of stock, equipment, and machinery is an effective method for raising funds for retirement.”
BPI Auctions are commercial asset disposal experts, specialising in business closure sales such as retirements, liquidations, bereavements, restructuring and relocations. Contact us today to discuss selling your business assets online, for expert advice, or take a look at our live auctions for inspiration.