Close Close

Practice Management > Building Your Business

BMO: One-third of Canadian Small Business Owners Have an Exit Plan

Your article was successfully shared with the contacts you provided.

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.

BMO’s 2012 study also reveals that:

Of those businesses with 10 employees or more, half had a succession plan; two-thirds of business with fewer than 10 employees report they do not have a plan.

One-third (36%) of Canadian small business owners want to keep their businesses in the family.

More than one-quarter (26%) would select an outside source to buy out their business.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.