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"Baby Boomer" business succession

A cooperative solution to an imminent crisis

by CAMERON P
Published in March 2018 - Page 27

The impact of aging baby boomer business owners on the health and survival of small business is starting to have repercussions on all municipalities. In Ontario, for example, roughly 240,000 Small and Medium Enterprises (SMEs) will lose their owners over the next 15 years. Three-quarters of these owners do not have a succession plan for their business.1 One-third of all business closures are due to succession failures and the lack of preparation.2 This means that

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