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23% of Small Business Owners Report "No Pay for a Year"

kaffeenjunkie Wrote: Jun 13, 2012 6:41 AM
Count us in on too. Two years no pay checks to get our business up and running. We have infused a good chunk of personal cash to keep things afloat. We often skip paychecks to make sure that we are paying our employees and vendors. We take just enough to pay our bills. We are rich business owners!! Welcome to the new normal??

Citing a new survey by Citigroup, CNBC Reports All Work, No Pay for Some Small Business Owners.

Here are some interesting highlights.

  • Over the past few years, business owners report that they have, at one time or another, taken less profit (78 percent), worked more hours than usual (70 percent), and used their own money to help the business survive (69 percent).
  • 54 percent of respondents say they have gone without a paycheck in order to keep the business running.
  • 23 percent of owners have gone without pay for one year or more.
  • More than one-third of owners (38 percent)...
Related Tags: Small Business Business