Taking Care of Business: The State of Business Succession and Planning in Ontario
Taking Care of Business: The State of Business Succession and Planning in Ontario
March 2024 | William Dunstan and Dr. Martin Lefebvre
Across Ontario, including the regions that make up Northern Ontario, many employers are likely to experience a change in ownership or leadership soon. While many have developed succession plans, a large share of Ontario employers have not adequately prepared for a future change in ownership or leadership. Notably, one-third of business owners who plan to sell or retire within the next five years do not have a succession plan in place or in the process of being created. Improving rates of succession planning is critical to the long-term sustainability and success of Ontario's businesses and wider economy.
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Related Research:
April 2021 Business Impact Survey Results
A Reason to Stay: Retaining Youth in Northern Ontario