Selecting an appropriate successor is crucial to the survival of a business. A good business plans today for tomorrow. The issue of succession, specifically aimed at British Columbia, is discussed in an article featured in BC Business Online:
With the majority of B.C. employers qualifying as small businesses, it’s no wonder experts such as succession-planning lawyer Don Sihota and the executive director of UBC’s Business Families Centre, Judi Cunningham, are warning small businesses about the danger of delaying succession planning.
This is “a huge issue, not only for business owners themselves, but really for the economy as a whole,” says Sihota. Cunningham points out that B.C. will see trillions of dollars passing between owners and their chosen successors within the next 15 to 20 years.
