Out of 400 business owners surveyed by Lloyds Bank, 31% fear increased competition and managing family commitments will affect their plans for growth.
26% expect the challenge of Brexit to impact on their business, compared to 18% of Millennials and 16% of Baby Boomers.
- Generation X business owners are least likely to prepare for the worst-case scenario, with 61% having no exit plan in place
- those who do have a plan in place, 14% are more likely to close their business, sell to a competitor (5%) or sell their contact list (5%).
Jo Harris, managing director at Lloyds Bank, said:
“Generation X entrepreneurs are ambitious and have strong growth expectations for the future of their businesses.
“However, in practice, we know that many find it a real struggle to manage their work/life balance and even more regard it as a barrier to growth.
“Business owners are not alone and a range of support is available, including mentoring, which can help to make lasting changes to get a better work/life balance and deal with other challenges they face.”