19 Jul 2012

Study: Succession plans becoming more popular for small business owners

A new study by BMO Financial Group finds that the number of Canadian small businesses with succession plans have doubled in the past two years.

According to the study, nearly 30 percent of small businesses in Canada now have a plan in place for when the owner dies or retires. This is up sharply compared to just 15 percent in 2010, but many businesses still don't have a strategy outlined.

Among those who did not have a plan, the top reason was that it was "too early" to begin thinking about it. Yet many small business owners are not all that young, and having a plan in place is a "better safe than sorry" type of measure.

"Just like creating a business plan or buying insurance, implementing a succession plan well in advance of your projected retirement can guarantee a smooth transition process once it's time to execute it," said James Wong, Vice President of Succession Planning, BMO Financial Group.

Businesses that rent a storage unit can help their succession plan by having all of the necessary items to run the company in one place. Investing in affordable Toronto document storage can allow business owners to keep all their important papers in a safe and secure storage unit. This way, the successor knows where to go and what to look for when the time comes to take over.

Jiffy offers businesses plenty of options for Toronto storage, whether one needs to store filing cabinets or office supplies. What's more, the company is currently holding a contest for a new iPad 3, which is a device that just about every business person could use to help improve productivity.

Be Sociable, Share!

Related Articles [3]

7 Tips for Organizing Your Important Documents

April 4th, 2022
Organizing your important documents is essential to your everyday life and your business. Both personal and professional documents should be stored properly so that they stay...

8 Common Document Storage Mistakes and How to Avoid Them

January 14th, 2022
When considering document management for your business, it’s important to find a storage facility that is safe, secure, and climate controlled. Make sure to do your...

6 Tips to Help You Organize Paperwork

February 1st, 2021
With 2021 blazing ahead and the holidays over, it’s time to get started on your to-do list before it ends up a thing of the past. One activity that may be a priority is...

Hammad Assan joined Jiffy Self-Storage in June 2012. He has over 20 years of experience in various Customer service, Sales and Management roles and is a Certified Self-Storage Operator through the Canadian Self Storage Association. His passion for sales and customer service has maintained Jiffy Self-Storage’s position as one of the GTA’s most successful Storage Facilities, as recognized by winning the Consumer Choice Award 22 years in a row, a perfect A+ rating with the BBB with zero complaints and a 4.5/5 Star Review rating on Google. Our tenants greatly appreciate his dedication to exceptional customer service and as a result Jiffy Self-Storage has been recognized and awarded for that. Please contact Hammad about any of your storage, parking, workspace or retail unit needs.

Leave a Comment

Recent Posts Blog Categories Archives Subscribe to RSS Feeds
Essential SSL