Ontario Business Owners Looking To Retire

By 2030, the number of seniors aged 65 and over in Ontario is projected to almost double and, as the population ages, a sizeable share of business owners are set to retire, they face a decision of whether to transfer ownership, change their ownership model, or close their doors permanently. The Ontario Chamber of Commerce’s (OCC) seventh annual ‘Ontario Economic Report’ shows among business owners, 41 per cent expect to retire or sell their business within the next 10 years. Most of those businesses are small and medium-sized and they are distributed across regions. Further, only 18 per cent of business owners have completed a succession plan. Another 29 per cent say they are in the process of completing one, while 44 per cent do not have a succession plan in place nor are in the process of completing one. Non-profits are more likely to have succession plans in place than for-profit businesses. By contrast, the biggest gaps in succession planning are seen among sole proprietorships (one-person companies), along with businesses in the retail; arts, entertainment, and recreation; and accommodation and food services sectors.