“An estimated $1.9 trillion in business assets are poised to change hands in five years — the biggest transfer of Canadian business control on record, CIBC says. And by 2022, this number will mushroom to at least $3.7 trillion as 550,000 owners exit their businesses. “Given this magnitude, a faulty or badly executed succession planning process could have a ripple effect throughout the Canadian economy via reduced productivity, job losses, premature sales and increased bankruptcy rates,” the CIBC World Markets report said. It noted that companies that will see a change ownership in the next five years currently employ close to two million people and account for at least 15 per cent of gross domestic product.”

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