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Many small business owners don't have written plans for retirement

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According to recent research conducted by The American College, 77 percent of the women and 74 percent of the men who own a small business have no written plan for retirement.

"The lack of retirement planning by so many people is stunning, especially since business owners have no one else to rely on when it comes to putting their retirement plans in place," said Mary Quist-Newins, director of the Center for Women and Financial Services at The American College.

Despite the lack of a written plan, 66 percent of the women and 70 percent of the men said they had developed an estimate of their retirement needs, meaning small businesses owners are at least thinking about retirement. However, only 10 percent of women and 20 percent of men have an idea of how they will transition their business after retirement.

According to the Washington Post, it is extremely important for business owners to know what their business is worth, in part so they can know how much business insurance to purchase and make other decisions while they are at the helm, but also because it is essential to have a proper valuation when it comes time to move on.

The newspaper said miscalculating how much a business is worth can throw a wrench in owners' retirement plans.

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