CFIB survey reveals small business owners in Alberta looking to leave their business

A new report out by the Canadian Federation of Independent Business is painting a bleak picture for Alberta small business. 

The study shows that 60 percent of those surveyed plan to give up their business in the next 10 years, and only five percent have a succession plan.

 “You know, there’s lots governments can do, starting with increase awareness of young entrepreneurs about the opportunities that are available with purchasing an existing business. Often it’s easier to take over an existing than it is to start one from scratch, according to CFIB’s senior provincial director, Keyli Loeppke.

The survey found that 71 percent of small business owners in our province are retiring, but a surprising 30 percent cited high operating costs, while 29 percent gave burnout, as reasons for leaving.