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Canadian Businesses Score Poorly on Succession Planning

Published by Julia Salerno, November 29, 2011.

In a recent CBC interview senior reporter Pete Evans interviewed Susan Smith of SBS Consulting Group on the benefits of succession planning.

According to TD Waterhouse's early October Business Succession Poll of 609 small business owners, just 24 per cent of those surveyed said they have a succession plan worked out for retirement. Of those polled, whether they had a formal plan or not, 23 per cent said they would simply close their business when it came time to retire; 20 per cent planned to sell their business to a third party; 18 per cent expected to transfer it to a family member; 12 per cent said they'd sell to a partner or employee; and 27 per cent said they were not yet sure what they'd do.

"Laying the groundwork for a handover years in advance, with a succession plan and transparent business evaluation would have laid the groundwork for a better outcome," says Susan Smith about one client's experience. To learn more, read the article, Canadian Businesses Score Poorly on Succession Planning, where Susan Smith warns: don't wait to plan.

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