Staying away from the political implications of governments, I was just reading some information from the Family Firm Institute that approximately 2/3 of baby boomer business owners in the US and Canada will not be passing their family owned business to their children. This is a huge pool of potential sellers – and only the most prepared and best positioned will be able to get a top dollar for their business.
We are not sure about the exact number of businesses owned by baby boomer owners in Canada, however, in the US it is estimated that over the next 12-15 years around 10 million businesses will be sold. This is quite the wave that will hit the market place and business owners really need to plan ahead to position themselves correctly in the marketplace. Our market, Toronto, which historically has a lot of ties with the US and follows similar development trends, will be one of the most active with anywhere upwards of 10,000 businesses changing hands annually.
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