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CFIB States 2 Million Jobs To Be Impacted Due to Lack of a Succession Planning

Filed in archive Succession Planning by Greg Balanko-Dickson on June 29, 2006

CFIB States 2 Million Jobs To Be Impacted Due to Lack of a Succession Planning
According to a study by Canadian Federation of Independent Business, 40% of small business owners planlinks 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 have a succession plan only have informal or unwritten plans.

Without a succession plan your options to retire, liquidate, or sell the business for a fair price drop dramatically. Should you die suddenly you leave the task of disposing of your assets to someone less experienced than you to decide what to do with your business assets.

Think of your succession plan as the 'last will and testament' of your business life. Find a business coach, lawyer, or adviser to help you get your plan down on paper.


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