A study conducted by TD Bank found that 47 percent of U.S. business owners say they have no retirement plan in place, Philly.com reports.
"Building a small business is hard work, and it can be easy to get caught up in daily tasks such as paying invoices or increasing sales, but smart business operations need to consider the future, including the retirement of the owner," Jay DesMarteau, head of small business banking, at TD Bank, tells Philly.com.
"Just as those in the workforce should invest in themselves through retirement savings, business owners need to have conversations about retirement and prepare for the future to ease the transition, whether that be closing or selling the business or passing it on to family member."