Business succession: pandemic has made a bad situation worse
Survey after survey has shown that Canada has a generation of Boomer business owners facing retirement without a succession plan in place. The latest research from consulting firm KPMG suggests that the pandemic has not helped: more than a third – 37% – of business owners wish they could retire, transition, or sell their business but are not prepared. Further, 24% of these business owners regret not selling or transitioning their business before the pandemic.1
Where to start? Open up the conversation:
- Business succession could involve family members taking over or a management buyout. It’s important to overcome your natural sense of privacy to explore your plans with people who could be part of the solution.
- Business succession can be complex. Don’t hesitate to call on a wide range of professionals: business advisors, evaluators, accountants, financial and investment advisors, even professional coaches or counsellors.
Co-ordinating your business succession plans with your personal investment and retirement planning is key to success. When you’re ready, we’re ready to help.
1 KPMG Canada. “Entrepreneurs wish they could sell or retire but aren’t prepared.” Press Releases. November 17, 2020, https://home.kpmg/ca/en/home/media/press-releases/2020/11/ owners-wish-they-could-sell-or-retire-but-not-prepared.html