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Two-thirds of wealthy business owners accelerated their plans to retire or sell their business during the Covid pandemic, according to a new survey, reflecting the new psychological and financial landscape for business.
The survey, from Clarfeld Citizens Private Wealth, said 66% of high net-worth business owners indicated that the pandemic pulled forward their plans to sell their business or retire.
Half plan to sell their business as a result of the pandemic.
The survey covered 150 business owners with net worth of at least $2 million and investable assets of $5 million or more. It was conducted online in July by Ipsos on behalf of Clarfeld, which provides bank and wealth management services for people with high net worth.
Clarfeld said wealthy business owners came to value their time and families more during the pandemic and made the decision to cut back on work and business.
“They reset their…