TORONTO—Close to six in ten Canadian small business owners say their business has increased in value over the past five years, according to a new BMO study.
“Canadian businesses are continually increasing in value; not only in an everyday, tangible sense, but in what the business brings to the entire family,” BMO senior vice-president of commercial banking Steve Murphy said in a statement.
“With many Canadian business owners on the cusp of retirement and their businesses thriving, creating a succession plan should be a priority to ensure their hard-earned success continues in the way they envision it.”
When entrepreneurs were asked what they value most about their business, family needs ranked near the top of the list, according to BMO.
Top aspects valued about their companies include:
- The sense of challenge and accomplishment it provides (24 per cent)
- The income it generates and the legacy it creates for the family (23 per cent)
- The career independence it provides (21 per cent)
While awareness is increasing around the importance of having a succession plan, a BMO study conducted earlier this year found that more than half of Canada’s small business owners (58 per cent) still do not have a plan in place.