One of the biggest problems for small business owners throughout Canada is the question of who will take over the company when the entrepreneurs retire.
According Tim Alison, a development trainer for the Acadia Centre for Social Business Entrepreneurship, many business owners in Canada are planning to exit their companies within the next half decade, leaving many to wonder who will take their place. In a recent interview with the New Brunswick Business Journal, Alison said that small businesses were an important part of cities and towns
"We know that 42 percent of small business owners in Atlantic Canada have indicated in recent surveys that they intend to exit their business in the next five years," he said in an interview with the news provider. "Who is going to buy those businesses? ... We are not going to recognize our communities."
While few think about it, the smooth transition from one small business owner to another is an important aspect to keeping local economies going. If a business breaks down after its founder is gone, then many former employees will find themselves looking for work.
