Taking Care of Business: The State of Business Succession and Planning in Ontario

Economic risks are exacerbated by the fact that many of the organizations that will undergo succession soon are unprepared for a change in leadership; one-third of business owners who plan to sell or retire within the next five years do not have a succession plan in place or in the process of being created. [...] Northern Policy Institute / Institut des Politiques du Nord Taking Care of Business: The State of Business Succession and Planning in Ontario | March 2024 9 Of the 1,912 responses, 1,317 were from the owner of the Table 1: Organizations Responding to the Business business or organization in question, while 595 were from Confidence Survey, by Industry another representative of the business or organ. [...] BCS sought to answer this question by asking business Nevertheless, 44 per cent of owners reported not having owners if they have a succession plan in place and non- a succession plan in place and not being in the process owners if, to the best of their knowledge, their company of creating one. [...] Overall, per cent of non-owners reported that a succession responses suggest that organizations where a non- plan is not in place and is not in the process of being owner responded to the BCS are more likely to have a created, compared with 44 per cent of owners. [...] Table 5: Comparison of Owners’ Responses Regarding When They Are Likely to Sell or Retire and Whether They Have a Succession Plan in Place Succession Plan in Place Unlikely to sell, but we have Succession Plan in Place? Other Currently In the next In the next In the next for sale 5 years 5–10 years 15 years an internal succession plan in place (per cent) Yes 13 28 19 12 10 39 No, but it is in the.