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.

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* 1. This business is owned by:

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* 2. How is this business organized?

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

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* 4. Which county is the business in?

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

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* 6. What Sector is the business in?

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

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

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* 9. Did your business:

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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?

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

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

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

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

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* 15. How many employees are long term:

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

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

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

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

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

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

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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?

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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


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