Successful Succession Planning Tips

Speaking at an Ottawa news conference, Catherine Swift, President of the CFIB (Canadian Federation of Independent Business), said,

"It is vital that we address the enormous number of people planning to leave their business in the next few years. A smooth transition from one owner to the next will help maintain a stable Canadian economy."

The Canadian Federation of Independent Business sees succession planning as the single biggest issue facing the SME community. According to their research, only 10 percent of SME owners have a formal, written succession plan, while 38 percent have an informal, unwritten plan. The remaining 52 percent do not have any succession plan at all.

My article, Family Business Succession Planning outlines the issues you need to consider when succession planning and provides tips to make your succession planning as smooth and successful as possible.

The CFIB itself has put together a collection of succession planning resources including articles on creating and implementing a succession plan.