As mentioned by the head of Business Transition Planning of CIBC, Sean Foran, small and medium businesses contributes $600 billion to Canadian GDP. With an average age of 60 years for Canadian small and medium business owners, and with almost two third Canadians employed by these owners, it is important for business owners to have a succession plan. While it is an emotional decision, Mr Foran provides us with some aspects to be considered by business owners. Aspects like selection of a successor for one’s business, to focus on successor’s training, and to focus on a regular competitive analysis of one’s business and a focus on a tier-two management.
Questions:
- Generally, who would the business owners consider as possible successors?
- What are the other issues that affect the small and medium businesses in Canada?
- As a business owner would you consider leaving your business when you are on the top of your career or wait till you need help?
- Would you consider a tier-two management system if you were an owner of a small or medium business?
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