Succession Ontario provides free tools, training, and expert guidance for owners planning retirement.
Ontario has introduced a new initiative designed to assist small business owners in planning for their succession as many get ready to retire in the coming years.
Succession Ontario is a government-backed program managed by Kingston Economic Development that offers tools, training, and expert help for business transitions. The initiative was officially unveiled this week by Associate Minister of Small Business Nina Tangri at an economic development conference held in Toronto.
The $1.9-million funding aims to safeguard small businesses and local jobs. With over 500,000 small businesses employing more than 3.5 million people in Ontario, a study from the Canadian Federation of Independent Business indicates that up to 76 percent of owners intend to transition their businesses within the next decade, yet only one in ten has a structured plan.
The new online platform provides planning resources, valuation tools, and live virtual workshops. It also includes complimentary access to an automated valuation tool created by Toronto-based startup Succession AI.
Training for advisors at Small Business Enterprise Centres will be enhanced through a new micro-credential offered in partnership with Queen’s University’s Smith School of Business.
Story Alyssa Brush
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