Welcome to the CanadianSME Small Business Podcast, hosted by Maheen. Succession planning is one of the most critical yet overlooked aspects of business ownership. With only 34% of Canadian business owners having a formal succession plan (CFIB), many businesses are at risk of instability when their founders step away. Planning for the future ensures business continuity, safeguards employees, and preserves the legacy of an enterprise.
Joining us in this episode is Kerry Smith, National Leader of Family Office Services at MNP LLP, a trusted advisor helping Canadian business owners navigate the complex process of business transition and legacy planning. Kerry shares expert insights on why succession planning is crucial, the risks of delaying it, and the best strategies to ensure a smooth transition.
Key Highlights from This Episode:
- Why Succession Planning is Urgent – Kerry explains why two-thirds of business owners have considered exiting but haven’t formalized a plan, and why this delay can be costly.
- The Risks of Postponing Business Transition Planning – Learn about the potential financial, operational, and stakeholder risks that arise when business owners don’t prepare for succession.
- How to Start the Succession Planning Process – Discover practical steps business owners can take today to create a structured and successful exit strategy.
- Exploring Transition Options – From selling the business to passing it down to employees or family, Kerry discusses the best strategies for ensuring a smooth transition.
- Key Advice for Business Owners Without a Plan – Kerry shares expert recommendations on where to start, what to prioritize, and how to secure the long-term success of a business.
Special Thanks to Our Partners:
- RBC: https://www.rbcroyalbank.com/dms/business/accounts/beyond-banking/index.html
- UPS: https://solutions.ups.com/ca-beunstoppable.html?WT.mc_id=BUSMEWA
- IHG Hotels and Resorts: https://businessedge.ihg.com/s/registration?language=en_US&CanSME
- Google: https://www.google.ca/
For more expert insights, visit www.canadiansme.ca and subscribe to the CanadianSME Small Business Magazine. Stay innovative, stay informed, and thrive in the digital age!
Disclaimer: The information shared in this podcast is for general informational purposes only and should not be considered as direct financial or business advice. Always consult with a qualified professional for advice specific to your situation