Shortly after Donald Trump’s first 30 days in office, BizBuySell 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.
In terms of healthcare, the results of the survey show that both groups share similar opinions on the Affordable Care Act (ACA), with 60 percent of each in favor of repealing it. Moreover, both groups agree on which aspects of ACA they would like to keep and which they would like repealed. 50 percent of each want “the individual mandate to own insurance or pay the penalty” to be eliminated, while 60 percent of buyers and 55 percent of owners see “banning the denial of health coverage to people because of pre-existing conditions” as the top aspect of ACA they would to keep. Roughly 1 out of 10 buyers and owners prefer all aspects of ACA be eliminated.
Small business owners and buyers also share similar views on trade and business regulations. Both groups agree on renegotiating NAFTA and both groups are equally divided on whether or not to dismantle the Dodd-Frank Act.
While both buyers and owners feel there are too many regulations on small business, owners specifically 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. Despite the differences of opinion, the majority of both buyers and owners agree that a change in minimum wage would have little impact on their plans to buy or sell, at 68 percent and 71 percent respectively.
Immigration is another area of disagreement among the two groups. Most owners support Trump’s policies on immigration, with 51 percent in favor of his executive order blocking immigrants and refugees from 7 Muslim countries, 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 to block immigrants and refugees from 7 Muslim countries and 52 percent of those with an opinion are against his plan to build a wall along the Mexican border.
BizBuySell offers further insight into the small business community in its 2016 report, 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.