Five things that could tip the scales towards success.

According to a report by the Business Development Bank of Canada, nearly 60% of Canadian business owners are now over 50, and 40% are thinking of handing over the business to someone else during the next five years. One in three would like to do so within the next three years.

This could present a significant challenge with regard to the business succession and management transfer. The charts below illustrate five factors that could make a difference and help entrepreneurs ensure a successful transition.

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The following sources were used in preparing this article.
Canada Revenue Agency, « Which gains are eligible? ».
BDC, « Business Transition Planning ».
Chambre de commerce du Montréal métropolitain « Réussir son transfert d’entreprise ».
Deloitte, « The importance of succession planning for family businesses ».
Les affaires, « Transfert d’entreprise : connaissez-vous bien les enjeux fiscaux et juridiques ? »,
« Le b.a.-ba de l’assurance pour les entrepreneurs », « Les entrepreneurs québécois tardent à préparer leur relève ».
PwC Canada, « Creating a plan for the next generation of family businesses ».

 

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