By Kate Jackman-Atkinson, Editor, myWestman.ca
NEEPAWA, Man. — Over the next decade, it’s estimated that about $1.5 trillion worth of business assets will change hands in Canada. The success or failure of this transfer will have a huge impact on Canada’s economy and I’m not convinced we’ve done all we can to prepare.
We knew the day would come when Canada’s ageing baby boomer entrepreneurs would look towards transitioning out of their businesses and towards retirement. According to data from 2014, about half of both small and medium-sized business owners were between 50 and 64 years of age. When you add the 12 percent of small business owners and 14 percent of medium business owners who are over 65 years of age, it’s easy to see why 72 percent of Canadian business owners plan to exit their companies in the next decade.