Baby boom entrepreneurs: You need succession plans
Published in: Ottawa Business Journal
Written by: J. Douglas McLarty
Many owners of small and medium sized businesses plan to leave their businesses within the next five years. Even more plan to sell their ownership interest or transfer control within ten years.
Retirement is the main reason for leaving. Many entrepreneurs expect to finance their retirement through the proceeds of selling their businesses or from dividends they will receive after they leave. As a result a significant number of business owners are relying on the ongoing success of their business for their future lifestyle.