Taking Care of Business: The State of Business Succession and Planning in Ontario March 12th, 2024 – 1 of 2

For Immediate Release Taking Care of Business: The State of Business Succession and Planning in Ontario March 12th, 2024 – Many employers across Ontario, including in Northern Ontario, will see a change in their owners or leadership in the coming years. [...] NPI partnered with the Ontario Chamber of Commerce and Société Économique de l'Ontario to survey Ontario businesses and other employers about when they expect to undergo a change in ownership or leadership, and whether they have prepared a succession plan. [...] Seventy-three per cent of business owners say their organization does not have a succession plan in place, and approximately one-third of owners who plan to sell or retire within the next five years have no succession plan in place or in the process of being created. [...] Furthermore, although organizations with fewer than 100 employees were more likely to indicate that they expect to undergo succession soon, they are less likely to have a succession plan in place or in the process of being created. [...] “How we navigate the coming wave of business succession, therefore, will shape our economic future.” Interested in learning more about the state of business succession planning in Ontario? Read the report: 1 of 2 Media Interviews: Author William Dunstan and NPI President & CEO, Charles Cirtwill, are available for comment.