As Canada’s family-owned businesses look to finally turn the page on a global health crisis, a new era of urgency is looming in which many thousands of enterprising families expect to relinquish ownership to younger family members or outsiders in the next decade.
One important question was explored in our survey: Is the next generation ready?
Many possess enviable skills, business acumen and are passionate. Yet, according to the survey results, there is uncertainty among a significant number of current owners as to how to proceed. The consequences of their actions will reshape Canada’s family enterprise landscape for years to come.
The clock is ticking. In the next decade, tens of thousands of family businesses will transfer to the next generation, if the more than half of owners stay true to their intentions.
Is blood thicker than water? Maybe not, as more than one in three owners expect to transition their business into the hands of outsiders.
The senior generation thinks the next generation is not ready to take over. True or just typical parent-child dynamics? Concerns are strongest in families who hope, or are planning, to transition ownership and management within the family.
Read the full report below:
Our research into continuity planning and transition intentions is supported by KPMG Enterprise and KPMG Family Office. We thank them for their ongoing support of family enterprise and business owners in Canada!