To continue the discussion started "CFIB States 2 Million Jobs To Be Impacted Due to Lack of a Succession Planning" here is a page from the Canada-Ontario Business Service Center on Succession Planning.

What is Succession Planning?

"For many small business owners, the term "succession planning" can mean the idea of passing along your business to a family member or friend. In reality, succession planning is about finding the right strategy to hand over your business to someone else. One way to define succession planning is to think of it as a process in which the business owner plans for the transfer of knowledge, skills, labor, management, control and ownership of a business unto the next generation." Via the Canada-Ontario Business Service Center

The other benefit of doing your succession planning ahead of time is that you have the time to consult with your Chartered Accountant to structure a tax efficient exit that will allow you to keep more of your hard earned money.