Succession Readiness Report: Are you prepared to transition your business?
Succession Readiness Report: Are you prepared to transition your business?
When it comes to your business, succession planning is critical — yet often overlooked. And no matter how you’d like to transition your business, you need a solid plan.
This report, based on data from over 550 responses, reveals how prepared — or unprepared — Canadian business owners are to transition from their business. How does your business measure up?
It’s a complex question.
Mentally, you may already be enjoying your retirement. But before you get ahead of yourself — how do you plan to transition your business?
Succession planning is an important, yet often overlooked, aspect of running a business. Whether you’re looking to retire, sell your business, or simply ensure it continues to thrive under new leadership, having a solid succession plan in place is essential.
Your organization has been a huge part of your life. Planning for its future ensures it continues to progress even when you’re no longer at the helm. And the planning needs to start well in advance of handing over your keys.
In this report,
- How many Canadian business owners are prepared for succession
- Why these trends are worth further exploration
- What you want to consider if your retirement is on the horizon
And we compiled them in a way to facilitate easy discussion. By understanding your succession objectives, you can overcome pain points, and gain confidence in your future and the future of your business.
The key findings
After analyzing more than 550 responses from business owners across Canada, these key data points demonstrate how prepared — or unprepared — business owners are to move on from their organization.
How do you compare?
Take a moment to consider your organization and these data points. How do you measure up? What areas do you need to prioritize?
Case study
Meet Joe, who has set clear objectives and is on track to seamlessly transition his automotive business to his daughters.
“Joe understands that Laura and Andria will want to operate the business differently with the same ultimate objective of success and growth to pass it on to the next generation,” remarked Eddy Burello, MNP Partner. “Joe will guide them and provide his counsel but at the end of the day, he will let them run it in a different fashion.”
