Sixty percent of Canadian business owners lose sleep thinking about their retirement. And less than 40 percent have a business succession plan, according to new research from BMO Wealth Institute.
The report, timed for release in advance of National Small Business Week, outlines six phases of a business life cycle — start-up, growth, established, expansion, maturity and succession — and includes both professional and personal considerations at each phase.
According to the report:
• Sixty percent of Canadian business owners spend sleepless nights worrying about whether they will be able to retire from their business.