There were two high profile reports released this week that point to the same conclusion. Namely, there will be a flood of business transitions occurring within the next few years.

With the release of the 2011 Canadian census the National Post reported, Country Aging Rapidly as Boomers Hit Retirement Age.

Secondly, a new report by KPMG called Family Ties – Canadian Business in the Family Way states;

“Almost half of Canada’s family businesses expect to see an intergenerational transfer of management and/or ownership within the next five years. Yet, over 80 percent have no formal plans in place to manage the family dynamics of the business, intergenerational wealth, and help prepare future generations to continue the family business legacy”

Although these reports are hot off the press, there is nothing really earth shattering here. The boomer generation has been monitored and wooed in the marketplace for decades. So it shouldn’t comes as a surprise that boomer entrepreneurs will soon be transitioning away from their businesses.

What is alarming, however, is that 80% still have no concrete plan to move through this transition. In June’s feature article Wayne Vanwyck calls this the business transition crisis. The 80% group will face a crisis because of neglect. If you hope to achieve a successful transition, you must get into the 20% group. We can help. Get in touch with us on our contact page so we might be of assistance to you.