Nearly six in 10 Canadian small business owners do not have a succession plan, according to a new report.
BMO Financial Group, Toronto, published this finding in a summary of results from a new report conducted by Leger Marketing, Montreal. Completed in April, the study polled 500 Canadian business owners.
The report finds that most of Canada’s small businesses (58%) do not have a succession plan. When asked why, more than a third (36%) of the respondents say that it is too early to begin thinking such a plan.
On a positive note, the report observes that 42% of owners who do have a succession plan represents a 15% increase over those who reported having one in 2010, when BMO last polled small business owners on this question.