And it's about to get a LOT harder. The reason to consider your need for effective business exit strategies is straightforward. The mass retirement of Baby Boomer entrepreneurs is triggering the largest transfer of wealth that the world has ever seen. Most have not engaged in any meaningful form of exit planning. As a business owner, it's critical for you to understand the potential impact that the lack of an exit plan could have on the value and saleability of your business.
In Canada, over 1.5 million businesses in the small- (less than 50 employees) and medium-size (50-500 employees) enterprise sectors are owned by Baby Boomers. Ownership planning research indicates that over 40% of these owners plan to leave their businesses within the next five years, and over 70% within the next ten years. The number of businesses sold in Canada is expected to double each year for the next ten years. This will create more business selling competition than ever before.