“With the baby boomers reaching retirement age, a large number of companies will likely change hands in the coming years. According to TD Waterhouse’s early October Business Succession Poll of 609 small business owners, just 24 per cent of small business owners surveyed said they had a succession plan worked out for retirement.

Of those polled, whether they had a formal plan or not, 23 per cent said they would simply close their business when it came time to retire; 20 per cent planned to sell their business to a third party; 18 per cent expected to transfer it to a family member; 12 per cent said they’d sell to a partner or employee; and 27 per cent said they were not yet sure what they’d do with their business.”

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