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.

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