Tsunami of small business owners planning to exit, putting $2 trillion on the line

Tsunami of small business owners planning to exit, putting $2 trillion on the line via financialpost

But what happens to that $2 trillion in assets is crucial, because about 50 per cent of Canada’s gross domestic product is created by small- and medium-sized businesses, which together employ more than 80 per cent of workers, Pohlmann said.Article content

Stress and burnout were listed by 22 per cent of owners as the main reason why they want to move on from their businesses, while 21 per cent said they wanted to exit so they can step back from the daily responsibilities that come with being a business owner. Businesses need to make sure they are creating proper succession plans, Pohlmann said, because it can be a cumbersome process in which owners must weigh tax implications, the impact on their staff, and other legal considerations.Article content

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