Succession planning for Canadian companies is today’s hot topic, whether the goal is to keep the company in the family, to sell it to management and employees, or to sell it to a third party. Why?
- Because many Canadian SMEs are directly affected by succession planning.
- The average age of owner-managers in Canadian companies was 46 in 2001, 22 % of whom were over the age of 55 and 53 % were over the age of 45.
- According to a survey by the Canadian Federation of Independent Business, 34% of business owners will exit their business in the next five years, with another 32% following suit in 10 years.
- Because companies are vulnerable when they change executives and owners. The challenges that companies face in the transition to a new generation are numerous. The large number of SMEs that fail concerns many of us.
