- Poll of LGBTQ business owners finds that the majority do not have a succession plan in place
- About one-third of respondents saw their business drop by at least 50 percent during the COVID-19 pandemic, but the majority believe they can make a full recovery
- Fifty-six percent said they do not believe their sexual orientation or gender identity might result in the loss of a contract
Summary by Dirk Langeveld
LGBTQ business owners report increasing acceptance and optimism for their ability to recover from the COVID-19 pandemic, according to a recent survey. However, the poll also highlighted how the majority of these entrepreneurs don’t have a succession plan in place.
The CNBC + Acorns and NGLCC Small Business Owner Financial Health Survey collected 2,361 responses in May. Seventy-eight percent said they did not have a succession plan, prompting the National LGBT Chamber of Commerce to urge these business owners to put a plan in place for when they want to retire or step back from the business.
Other findings included:
- Nearly one-third of respondents saw their business fall by 50 percent or more during the COVID-19 pandemic, but 78 percent say they expect to make a fully recovery
- Fifty-six percent said they don’t believe their sexual orientation or gender identity might result in the loss of a contract, double the share compared to a decade ago
- More than half of respondents were carrying a personal debt, most commonly between $10,000 and $50,000, and 45 percent said they don’t stick to a personal budget each month
- Slightly more than 40 percent said they have been denied a loan in the past
- Seven in 10 said they were saving for retirement
