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It’s never too early to get your succession plan in order

By Danielle Walsh

succession-mainAs a business owner, you spend years building your company, but what happens when it’s time to retire or just slow down? The nature of being in business requires juggling a number of priorities, while attempting to maintain a life at home. This balancing act often means planning for your eventual exit from the business is never really top of mind. 

Why is that? Well, as someone who assists businesses with succession planning, it’s been my experience people either think they will be around forever or retirement is so far into the future that succession is not a priority. Unanswered questions and uncertainties surrounding the whole issue of exiting or retiring are also factors that cause business owners to continuously put aside dealing with this important issue. 

Although succession planning isn’t always about family, statistics show between 80 to 98 per cent of all businesses in the world are family-owned and operated, and in Canada, they contribute more than 50 per cent of the country’s gross domestic product (GDP). Research also demonstrates most owners would prefer to transition their business to the next generation and keep it in the family. However, this isn’t always possible. So what are the options when it comes to exiting a business? 

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