Other key findings in the IPC Private Wealth poll include:
- Forty-two percent would rather sell their business; 31 percent would prefer to pass it on to heirs or family members; and 27 percent would like to shut their business down.
- Those with more than $1 million in assets are the most likely to say they would sell their business (51%), while those with $100,000 to less than $250,000 in assets are most likely to prefer passing it on to heirs (39%).
- Forty-eight percent have no plans to seek the help of a financial advisor on business succession planning.
- Only 36 percent reported that their families were aware of their succession plan.
A total of 300 well-qualified respondents across Canada were interviewed by Environics Research via an online methodology from July 24 to August 2, 2018. To qualify for the survey, the respondents had to be 18 years or older, self-employed full-time and small business owners with up to 50 employees. The BDC statistics cited were from BDC’s business succession study that was conducted in partnership with Nielsen among 2,500 Canadian entrepreneurs on their succession intentions.
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