Retiring baby boomers will trigger a huge wave of business transfers over next 5 to 10 years: CFIB

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In a report released Wednesday, the CFIB suggests 47 per cent of business owners with a small or mid-size enterprise (SME) intend to exit their business within the next five years and 72 per cent plan to exit within a decade.Files

TORONTO — Approaching “baby boomer” retirements will result in a huge transfer of business ownership over the next five to 10 years, but only a small percentage of owners have a formal written succession plan, the Canadian Federation of Independent Business says.

In a report released Wednesday, the CFIB suggests 47 per cent of business owners with a small or mid-size enterprise (SME) intend to exit their business within the next five years and 72 per cent plan to exit within a decade.

However, the CFIB report said only eight per cent of owners surveyed had a formal, written succession plan. About 51 per cent didn’t have any plan and 41 per cent had an informal plan.

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