Trend for retiring business owners to not have succession plan: CFIB survey

While small business owners retiring isn’t anything new, the Canadian Federation of Independent Business says there is something new and alarming. 

A new survey conducted for the business watchdog found that, roughly, 60 percent of owners plan to retire or leave altogether in the next ten years. 

Alberta director Keyli Loeppke says the alarming part is that only six percent have a formal succession plan.

“There’s been a trend across Canada called the entrepreneurial drought where more businesses are exiting than starting up. I think a lot of what’s contributing to that is the tax environment, heavy regulations, the high cost of doing business….difficulty navigating the different levels of government and all you need.”