Recession forces small business owners to delay retirement plans

The 2008-2009 recession prompted many baby boomer entrepreneurs to delay their retirement plans and stay in business longer than they had anticipated. That’s according to a new report, Passing on the Business to the Next Generation based on survey data from the Canadian Federation of Independent Business (CFIB). “The recession clearly had an impact on succession planning,” said CFIB’s vice president of research, Doug Bruce. “Instead of passing the business on to the next generation, some small businesses decided to hold onto their business until its value returned to pre-recession values.” Almost a quarter (23 per cent) of business owners said they have delayed the timing of their exit date between one and four years. Only five per cent said the downturn prompted them to accelerate their exit date.

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