According to the Canadian Federation of Independent Business, Canada is facing an impending glut of ownership transfers from its small businesses as baby boomers retire and pass away. As many as 72 percent of small businesses will experience such transfers in the next ten years. The concern is that only eight percent of such businesses have a formal transition plan. This can cause havoc if the owners are incapacitated suddenly and there is no clear succession in place.

“While it is encouraging that a good proportion of business owners intend to pass their business on to a new generation, the lack of formal planning gives rise to significant risks for Canada’s competitiveness and prosperity.”

Read more: https://business.financialpost.com/entrepreneur/small-business/baby-boomer-retirements-will-cause-a-huge-wave-of-business-transfers-cfib