Survey Results Show Small Business Owners and Potential Buyers Have a Higher Approval of Trump than the General Public Polls.
Shortly after Donald Trump’s first 30 days in office, BizBuySell.com, one of the Internet’s largest business-for-sale marketplace, surveyed over 700 small business owners and potential buyers to determine whether or not they approve of his administration, including his policy proposals and their potential impact on small business. So far, most small business owners and potential buyers show their approval of Trump and how he’s doing his job, with healthcare, tax reform and jobs being the biggest issues they would like him to address. The numbers appear to be slightly higher than other national polls show of the general public’s opinion on Trump.
Here’s a summary of some of the key highlights from the survey…
• Both groups (small business owners and potential buyers) share similar opinions on the Affordable Care Act (ACA), with 60 percent of each in favor of repealing it.
• Both groups agree on renegotiating NAFTA and both groups are equally divided on whether or not to dismantle the Dodd-Frank Act.
• Both buyers and owners feel there are too many regulations on small business.
• Owners expressed mixed feelings about raising the minimum wage, with only 47 percent in favor of it. In contrast, most business buyers are in favor of increasing the minimum wage, with 58 percent in support of it.
• Most owners support Trump’s policies on immigration, with 51 percent in favor of his executive order and 53 percent in favor of his plan to build a wall along the Mexican border. Buyers are not as supportive, with 45 percent agreeing with his executive order and 52 percent of those with an opinion are against his plan to build a wall along the Mexican border.
It should be noted that BizBuySell in its 2016 report, looked at the Demographics of U.S. Small Business Buyers and Sellers. The study revealed that small business buyers and sellers are largely Caucasian, college-educated married men over 40. Yet, a small percentage of buyers are younger and more ethnically diverse. As more Baby Boomer retirees are selling their businesses and exiting the market, a younger, more diverse group of buyers are entering it. Moreover, while small business buyers and sellers are largely politically conservative, a higher percentage of sellers identify as Republican and Libertarian, while a higher percentage of buyers identify as Undecided. This may explain the difference in opinion between owners and buyers in some of the survey questions.