The good ol’ family business. The majority of Canadian small business ownership is passed down from one generation to the next, making entrepreneurial pursuits especially enticing for zealous young successors. With an increasing number of small business owners approaching the age of retirement, many are taking the necessary steps to ensure that their golden years are, well, golden.
Recently, economists have noticed a substantial sum of assets changing hands between family members – and it’s a pretty impressive amount. The Globe and Mail estimates that roughly $1.9 trillion (yup, trillion) in business assets is expected to transfer from the original business owner to a younger family member. This staggering figure is the largest to date and is expected to continue to grow over the next ten years as we continue to see a heightened interest in entrepreneurship by students entering the workforce.
What This Means: Good news for everyone! More opportunities for ambitious young professionals entering the workforce as well as additional prospects for skilled immigrants. There’ll be new retirement options for seasoned business proprietors and a healthy interest in business ownership can be expected.
So many opportunities, so little time! For more details, we suggest checking out this article by The Globe and Mail, published last November: