According to a study by Canadian Federation of Independent Business, 40% of small business owners plan to leave their companies within five years, and 70% within the next ten years. Three-quarters of those leaving are planning to retire. The potential impact on the economy is tremendous, with some two million Canadian jobs affected over the next five years. Unfortunately, more than 2/3 of these business owners do not have a succession plan in place, and most of those that do are informal and unwritten. ; A report released today by the Canadian Federation of Independent Business (CFIB) found that 4 out of 10 small- and medium-sized business owners (SMEs) intend to exit their businesses within 5 years, with this number jumping to 7 in 10 when extended over 10 years. ; Three quarters of those intending to leave cited retirement as the reason. ; Catherine Swift, CFIB’s President and CEO stated that as many as 2 million Canadian jobs could be impacted over the next five years, many of which could be lost, if action is not taken to facilitate the transfer of ownership of thousands of Canadian businesses as aging entrepreneurs look to retire. ; To assess the risks
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