1. Running a Shop
    2. Operations

    Numbers: Retirement and Succession Plans

    June 9, 2023
    A look at the options retirement-aged shop owners are considering.
    Getty Images: Kali9
    According to the 2023 Ratchet+Wrench Industry Survey Report, more than half of auto repair shop owners have no retirement plans.
    According to the 2023 Ratchet+Wrench Industry Survey Report, more than half of auto repair shop owners have no retirement plans.

    While every shop owner won’t work forever, 65% of shop owners say they intend to retire, and when they do, 25% plan to transition out by transferring power to a family member or business partner.   

    Do you have plans to retire in the near future?  

    • Yes: 65%  
    • No: 35%  

    What is your business succession plan?  

    • Sell to a private buyer: 26%   
    • Leave it to a family member or business partner: 25%  
    • Sell it to a chain/consolidator: 3%  
    • Transfer ownership to staff: 18%   
    • I don’t have one: 19%   
    • Other: 9% 

    About the Author

    Chris Jones | Editor

    Chris Jones is Group Editorial Director for the Vehicle Repair Group at Endeavor Business Media. He’s a multiple-award-winning editor and journalist and a certified project manager now providing editorial leadership and brand strategy for the auto care industry's most trusted automotive repair publications—Ratchet+Wrench, Modern Tire Dealer, National Oil & Lube News, FenderBender, ABRN, Professional Distributor, PTEN, Motor Age, and Aftermarket Business World.

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