Succession Planning for Business Owners: Striking the right balance

It is often difficult for entrepreneurs to separate family from business when planning their legacy. This intertwined transition is often challenging, with no one-size-fits-all solution. With a generation entering retirement in droves and a changing business landscape, these conversations are increasingly top-of-mind for many families and enterprises alike.

The day began with a presentation focused on succession strategies. Francesco Barbera, Founding academic director of the Family Business Institute and an associate professor of entrepreneurship and strategy at the Ted Rogers School of Management at Toronto Metropolitan University, shared his insights on what current succession and sale strategies look like for the owners of medium and small sized businesses.

Following the panel, Lorna Johnston, founder of The Change Institute, hosted a presentation on the psychology of decision making in legacy planning.Peter Jaskiewicz, full professor and university research chair in enduring entrepreneurship at the Telfer School of Management shared their insights on preparing the next generation for taking over the family business. This panel was moderated by Globe and Mail Personal Finance Reporter, Erica Alini.

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