Getting the transition right: Survey results on small business succession planning
During the next decade, 72% of business owners are expected to exit their business generating a massive transfer of business assets ─ potentially worth over $1.5 trillion. The vast majority of business owners (81%) intend to sell or transfer their business to retire. Yet, many business owners do not have a succession plan in place to ensure a smooth transition. That’s according to a report, Getting the Transition Right, based on survey data from the Canadian Federation of Independent Business (CFIB).
In this report, CFIB offers recommendations for all stakeholders involved (business owners, professionals – financial advisors, financial institutions, government) to ensure businesses can better plan for the future.