CoreData was commissioned to help NAB Private Wealth to gain a deeper understanding of the need for better guidance and frameworks to prepare small business owners for retirement and succession.

This report details the challenges of small business owners in Australia, including:

• Nearly half (47%) of small business owners are over 50, with many facing challenges in succession planning and retirement.
• A quarter of small business owners (25%) surveyed said they expect their businesses to close upon retirement due to a lack of family successors.
• While saving for retirement is a primary financial goal for small business owners, only about 20% are confident in their ability to save adequately.
• Only about a third of business owners have an ongoing relationship with a financial adviser.