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11th July 2008
Small business owners 'plan to stick with their companies for many years'
Many of the bosses of the UK's small businesses plan to stay with their company for a long time, a new report has said.
Research from Barclays indicated that 28 per cent of small business owners plan to stick with their firm for more than 25 years. The lender noted that this was longer than the average marriage in the country.
One in five bosses said they expected to still be running their business when they were in their 70s.
Interestingly, the study also showed that small businesses are good at retaining staff, with 29 per cent reporting at least one employee who has been on the books for more than a decade.
"Starting your own business is a serious commitment and for most people it really is about a life long relationship that needs constant nurturing and attention," commented John Davis, a marketing director at Barclays Local Business.
"For every overnight success there are thousands of business people who have spent years developing a successful business - but there are few things as satisfying as making it a success after all that effort."
Elsewhere in the study, it was revealed that small businesses remain confident about their future, despite gloomy opinions about the economy. The research found that 74 per cent of bosses plan to grow their operations in the coming 12 months.
(c) 2008 Adfero Ltd.
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