Survey of Maine's Small Business Owner Exit Plans

Understanding the Potential Impact of Maine's Small Business Owners' Retirement.

There are many businesses in Maine, employing tens of thousands of workers, where the owner wanted to retire in the next few years, and most do not know what to do with their business. Now, the uncertainty and upheaval caused by the current economic and public health crises is causing them to rethink whether they want to keep going at all.

Lack of awareness about the exit planning process and options too often leads to unnecessary liquidation and closure.

This survey is part of a research project on the growth and/or exit plans of our state's small business owners (privately held companies with fewer than 100 employees). Additionally, we are seeking information on the impact of the current economic crisis on your business. Your response to this survey will help civic leaders and policy makers plan for our state’s future economy. Data collected will help build a better estimate of the scope and scale of this challenge in Maine.

This will take less than 5 minutes to complete. Thank you for taking the time to answer the survey! All responses are confidential.

Question Title

* 1. This business is owned by:

a single owner

a couple

a family who runs the business

non-family business partners

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* 2. How is this business organized?

C-Corp

S-Corp

LLC

Sole proprietorship

Other (please specify)

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* 3. What is the age of the primary owner?

Under 30

31-40

41-50

51-60

61-70

70+

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* 4. Which county is the business in?

Knox

Hancock

Sagadahoc

Washington

Cumberland

Waldo

York

Kennebec

Aroostook

Somerset

Franklin

Oxford

Androscoggin

Penobscot

Piscataquis

Lincoln

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* 5. Number of employees? (Historically/On Average)

Full-time Year Round

Part-time Year Round

Full-time Seasonal

Part-time Seasonal

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* 6. What Sector is the business in?

Restaurant, Catering or Food Service

Professional Services (including web design)

Services (e.g. maintenance, housekeeping)

Health and Wellness

Child care or other human services

Hotel, B&B, and other lodging

Recreational

Arts and Entertainment

Construction & Skilled Trades

Manufacturing

Retail sales

Natural Resources (farming, fisheries,forestry)

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* 7. How much does the region’s seasonality affect this business?

Not affected

Somewhat affected

Greatly affected

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* 8. How has the current economic and public health crisis impacted your business?

It hurt business a lot and we’re still struggling

I hurt business somewhat, but it’s starting to pick up

It didn’t really affect business that much

Business has been better than usual during this time

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* 9. Did your business:

Apply for the Paycheck Protection Program loan and/or the Economic Injury Disaster Loan, but you DID NOT take the loan.

Apply for the Paycheck Protection Program loan and/or the Economic Injury Disaster Loan, and you DID take the loan.

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* 10. If you DID take a PPP loan and/or an EIDL loan, how helpful was it in stabilizing your business?

It was very helpful and got us back on track

It was somewhat helpful, but we’re still struggling

It was not very helpful and just delayed layoffs and possible closure

N/A

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* 11. Average wage of non-managerial employees (minimum hourly wage is $12/hour):

$12 - $15

$15 - $20

$20+

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* 12. This business could operate effectively in the absence of the primary owner for:

Up to 1 day

Up to 1 week

Up to 1 month

6 Months or more

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* 13. Which if any benefits are offered by this business (check all that apply):

health insurance

paid vacation time

paid sick time

paid family leave

retirement benefit (matched 401k or pension)

Other (please specify)

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* 14. Does the business experience high turnover in employees?

yes

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* 15. How many employees are long term:

75 - 100%

50 - 75%

25 - 50%

Less than 25%

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* 16. Do your core employees require education and/or training beyond high school?

Yes

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* 17. If "yes" to Q16, what is required:

industry recognized credential

associate degree

bachelor’s degree

graduate or professional degree

not applicable

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* 18. Does the primary owner want to retire or move on within:

1 year or less

3 years

5 years

10+ years

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* 19. Does the primary owner have a detailed, written exit plan?

yes

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* 20. If "yes", is the plan:

a generational/family transition

sell the business on the open market

sell business to employees

liquidate and close

Other (please specify)

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* 21. How confident is the primary owner that this plan will work?

not confident

somewhat confident

very confident

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* 22. Are you familiar with the idea of conversion to employee ownership (e.g. a worker-owned cooperative or an Employee Stock Ownership Plan) as an exit plan?

not at all

I’ve heard of it but don’t know anything about it

somewhat knowledgeable

very knowledgeable

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* 23. If you would like more information on the process and benefits of converting a business to employee ownership, please provide your name and contact details

Name

City/Town

Email Address

Phone Number