BMO Study: Canadian Small Businesses Increasing in Value
- Six-in-ten small business owners have seen the value of their business grow over the past five years - Creating a family legacy seen as one of the most valued factors in owning a small business - Succession planning critical to smooth business transition process
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/12/12 -- According to a new BMO study, almost six-in-ten (59 per cent) of Canadian small business owners report that their business has increased in value over the past five years, with an average rise of 39 per cent.
The study also revealed that when entrepreneurs were asked what they value most about their business, the family needs ranked near the top of the list. Top aspects valued about their company include:
"Canadian businesses are continually increasing in value: not only in an everyday, tangible sense, but in what the business brings to the entire family," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "With many Canadian business owners on the cusp of retirement and their businesses thriving, creating a succession plan should be a priority to ensure their hard-earned success continues in the way they envision it."
While awareness is increasing around the importance of having a succession plan, a BMO study conducted earlier this year found that more than half of Canada's small business owners (58 per cent) still do not have a plan in place.
"Just like creating a business plan or buying insurance, implementing a succession plan well in advance of your retirement can lead to a smooth transition process, help realize the maximum value of a business and mitigate against risks associated with economic uncertainty or a sudden shift in management," said Ian Niven, Vice President and Regional Director of Wealth Services, BMO Harris Private Banking. "Financial advice and expertise are available to help develop a well thought-out succession plan, which can be followed over a long period of time."
BMO offers small business owners the following tips to get them started down the path to succession planning success:
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Survey information: The 2012 survey was conducted by Pollara and was completed between August 13 and September 5, 2012 with a random sample of 500 Canadian business owners. Overall results are accurate to +/- 4.4%, 19 times out of 20.
Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Valerie Doucet, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596
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Datum: 12.10.2012 - 04:03 Uhr
Sprache: Deutsch
News-ID 1159568
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