A4 Article in conference proceedings
Older entrepreneurs’ retirement goal clarity and anticipated exit strategies (2021)

Salminen, H., & von Bonsdorff, M. (2021). Older entrepreneurs’ retirement goal clarity and anticipated exit strategies. In EURAM 2021 : Reshaping capitalism for a sustainable world. European Academy of Management. EURAM conference.

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Publication details

All authors or editors: Salminen, Hanna; von Bonsdorff, Monika

Parent publication: EURAM 2021 : Reshaping capitalism for a sustainable world

Place and date of conference: Online (Montreal, Canada), 16.-18.6.2021

ISBN: 978-2-9602195-3-1

Journal or series: EURAM conference

ISSN: 2466-7498

Publication year: 2021

Publisher: European Academy of Management

Publication country: Belgium

Publication language: English

Publication open access: Not open

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Abstract

Studies on older entrepreneurs have mainly paid attention to starting an entrepreneurial career at old age and less is known about the retirement and exit process of older entrepreneurs. Drawing on the retirement and exit theories, this study examines older entrepreneurs’ retirement goal clarity and exit strategies. The quantitative survey data has been collected among retiring Finnish small-business owners from different sectors (N = 198). The data was analyzed by using cross tabulations, mean comparisons as well as correlation and regression analyses. The results demonstrate that general satisfaction and feelings of gains in retirement were positively associated with older entrepreneurs’ retirement goal clarity. Interestingly, age was negative related to retirement goal clarity. Approximately half of the respondents were planning to sale their company, more than one third were planning family succession and every tenth closing their company. Family business and number of employees were related to the anticipated exit strategies, but no statistically significant association was found between retirement goal clarity and exit strategies.

Keywords: entrepreneurs; entrepreneurship; ageing; retirement age; retirement; pensions; self-employed persons' pensions; employment pensions; enterprises; small enterprises; objectives; strategies

Free keywords: entrepreneurs; retirement goal clarity; exit strategy; small-business; Finland

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