LGBTQ small business owners are confident about their post-pandemic recovery, but more than 78% don't have a succession plan in place, according to a new CNBC + Acorns and NGLCC Small Business Owner Financial Health Survey.
Since many small businesses are handed down generation to generation, that's really frightening, said Justin Nelson, co-founder of the"We have a number of same-sex couples that that may or may not have children, so there may not be a hereditary succession plan," he said. "They absolutely need to start thinking about a succession plan for their company and what happens when either they decide it's time to retire or step back from a main management role."When it comes to saving for retirement, about 70% of LGBTQ small business owners are doing so in 401 plans, individual retirement accounts, SEP IRAs or similar plans. Meanwhile, 23% are currently not saving at all, they survey found.
The Formstack online poll was conducted May 12-21 among a national sample of 2,361 adults. The respondents were selected from the more than 1,600 certified LGBT Business Enterprises, as well as thousands of LGBT business owner members across the 50-plus local affiliates of the NGLCC. For 46-year-old NiK Kacy, funding a retirement plan isn't an option right now. Kacy, a transmasculine nonbinary queer Asian, quit their job at
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