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Small business owners facing challenges on succession, digital transformation: Scotiabank

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Canadian small businesses are facing challenges around succession plans, according to a new survey.

Daniel JohnsonDaryl Ching, founder and managing partner at Vistance Capital Advisory, joins BNN Bloomberg to discuss the BoC rate cut impact on small businesses.As a wave of small business owners prepare for retirement, findings from a Scotiabank survey released Wednesday indicate that around 31 per cent of small business owners in Canada are planning to sell their business by 2030.

“Many are struggling with succession planning and lagging in their digital transformation efforts, both of which are putting a successful transition of ownership at risk,” he said in the report. “This lag not only makes it harder to address immediate challenges such as rising costs and consumers’ increasing digital expectations but also jeopardizes the long-term health and viability of the businesses, thereby reducing their appeal to potential buyers,” Zangeneh said in the report.

 

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