Tsunami of Canadian small business owners planning to exit, putting $2 trillion on the line | SaltWire

Seventy-six per cent of owners plan to exit their businesses within 10 years, CFIB says.More than three-quarters of small- and medium-sized business owners plan to exit their companies in the next decade, adding urgency to the need for solid succession plans, according to a new report.

But what happens to that $2 trillion in assets is crucial, because about 50 per cent of Canada’s gross domestic product is created by small- and medium-sized businesses, which together employ more than 80 per cent of workers, Pohlmann said. Businesses need to make sure they are creating proper succession plans, Pohlmann said, because it can be a cumbersome process in which owners must weigh tax implications, the impact on their staff, and other legal considerations.Those without succession plans could also be putting their communities at risk because some small businesses provide vital services, especially in more sparsely populated areas.

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