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Retiring Baby Boomers Create Opportunity for Young Entrepreneurs
According to a study by Canadian Federation of Independent Business, 40% of small business owners plan to leave their companies within five years, and 70% within the next ten years. Three-quarters of those leaving are planning to retire. The potential impact on the economy is tremendous, with some two million Canadian jobs affected over the next five years. Unfortunately, more than 2/3 of these business owners do not have a succession plan in place, and most of those that do are informal and unwritten.In addition to highlighting the need for succession planning, this also represents an explosive entrepreneurs, either to take over these businesses or to create businesses of their own to fill the void left as these boomer entrepreneurs retire.
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