More than three-quarters of businesses are not prepared with succession planning.

A new study from BMO Financial Group says that 82% of business owners in Canada & the US have not selected a successor for their business. Interestingly, more than one-quarter (27%) of Canadian business owners said the recession has not led to any change in their exit plans compared to 63% of their U.S. counterparts. But U.S. business owners plan to exit their businesses later (68 years of age) compared to Canadian business owners (62 years of age).

While 88 per cent of 650 U.S. business owners surveyed described the U.S. economy as being in recession, 45 per cent of 650 Canadian business owners said their country is experiencing a period of growth.

How about your business? CMS has many different services to help you locate a successor - be that through our executive searches or management consulting, get in touch with us to discuss your future!