Almost 6 in 10 Canadian small business owners report that their business has increased in value during the past five years, according to a new survey from Toronto-based BMO Financial Group.
The survey reveals that 59% of Canadian small business owners say the value of their business has risen during the past 5 years, the average rise totaling 39%.
When the poll respondents were asked what they value most about their business, family needs ranked near the top of the list. Top aspects valued about their company include:
● The sense of challenge and accomplishment it provides (24%)
● The income it generates and the legacy it creates for the family (23%)
● The career independence it provides (21%)
"Canadian businesses are continually increasing in value: not only in an everyday, tangible sense, but in what the business brings to the entire family," says 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%) do not have a plan.