Baby boomer retirement glut poses risk

The full article can be read on CBC’s website.

“A wave of retirements among business owners over the next few years could pose a significant risk for the Canadian economy as the country undergoes the biggest transfer of economic control in its history, according to CIBC World Markets.

CIBC says half of all small- and medium-sized businesses in Canada are set to retire over the next decade, including 310,000 that plan to transfer control of their companies within the next five years.

No succession plan

He says survey after survey has shown that business owners are ill-prepared for the inevitable ownership transition that is quickly approaching.

Often it’s only dealt with in emergency situations such as the death or illness of an owner or partner or when a new partnership is needed following a cash-flow crisis.”