How Are Canadian Small Businesses Tackling Succession Planning Challenges?

With the average age of business owners at 58 and many lacking succession plans, Canadian small businesses are facing climbing rates of closure. Al is joined by Dr. Sarah Burrows, Assistant Professor at Queen’s University’s Smith School of Business, to discuss the growing concern of succession planning in Canadian small businesses.Dr. Burrows discusses the "Silver Tsunami" and the impact of changing tax laws on family-owned businesses.Explore innovative solutions like Employee Ownership Trusts (EOTs) for sustainable business transitions and learn how local businesses can adapt amidst economic uncertainties.If you’re a business owner who hasn’t thought about succession planning, start listening!Also in this episode:Kerry Smith, National Leader, Famiy Office Services at MNP talks about succession planningAreen Pabla, Sales & Marketing Intern at Moneris reviews July’s calendar of eventsLinks of InterestDr. Sarah Burrows on LinkedINSmith School of BusinessQueen’s UniversityFamily Enterprise CanadaFamily Firm InstituteBusiness Development Bank of CanadaMNP Family Office ServicesSoulFestCanadian Food Truck FestivalsChapters:00:00:00 - Introduction00:01:45 - Featured Interview: Dr. Sarah Burrows on The Silver Tsunami00:14:09 - Ask An Expert: Kerry Smith on Succession Planning00:28:29 - Save The Date: Areen Pabla with July's Calendar Of Events00:29:57 - Outro Subscribe now!If you have a payment-related or business question you’d like to submit to one of our experts, you can email us at [email protected] Good Business is a Moneris podcast production hosted by Al Grego.