What is Succession Planning?

and Why Does it Matter?

For most small and micro-business owners, your company is your life’s work. But what happens when you are no longer there? Succession planning isn’t just for large corporations. It’s the critical process of planning for your exit, ensuring you, your family, and your employees are protected. Strong succession planning has the power to reduce silent business closures and safeguard thousands of jobs that support Ontario’s economy. According to the Canadian Federation of Independent Business:

Only

1 in 10

Small Businesses Have a Formal Succession Plan.