Many small-business owners lack succession plans: Scotiabank Improving the digital side of businesses can increase their resale values Glen Korstrom Oct 9, 2024 4:00 AM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message A woman walks by some signs for small businesses on Water Street in Gastown Chung Chow, BIV Listen to this article 00:03:11 Close to half of all Canadian small-business owners plan to sell or otherwise exit their ventures in the next decade and a substantial number of those are not very prepared, according to a Scotiabank survey released this morning. The bank's survey found 48 per cent of small-business owners plan to sell their companies within the next decade, and 45 per cent of those surveyed planned to sell within the next six years. Of those who plan to exit their businesses within the next six years, 43 per cent were not well prepared, the bank found.
Nearly a quarter of those surveyed (24 per cent) said that they did not yet know when they plan to sell or transition ownership, according to the bank. The bank's survey was done by Maru Public Opinion and data collection experts at Maru/Blue. It included 663 financial decision makers at Canadian businesses that have annual revenue between $50,000 and $5 million.
The survey was conducted between July 12 and 22, 2024. The top answer provided when asked what the small-business owner wanted to do with the business after retirement or an exit was to keep the enterprise i.