Home Breadcrumb caret Tax Breadcrumb caret Estate Planning Breadcrumb caret Industry Breadcrumb caret Industry News Convince aging biz owners to plan ahead The recession prompted many Boomer entrepreneurs to delay retirement, with most holding onto their businesses until they regain pre-downturn values. By Staff | November 30, 2012 | Last updated on November 30, 2012 1 min read The 2008/09 recession prompted many Boomer entrepreneurs to delay retirement, says a new CFIB report called Passing on the Business to the Next Generation. One of the main reasons is “small business owners decided to hold onto their businesses until their values returned to pre-recession values,” says Doug Bruce, CFIB vice president of research. The report finds approximately a quarter (23%) have delayed the timing of their exit date between one-and-four years. Regardless, Canadians can still expect see a massive transfer of small business assets in the next decade—of possibly more than a trillion dollars. Read: Succession planning: Securing your future And while the report finds almost half of small and mid-size enterprises currently have a succession plan in place, this isn’t nearly enough. “Small business is the backbone of the Canadian economy, and succession planning is critical,” says CFIB president and CEO Dan Kelly. “Very few small business owners have a pension, so will have to rely on the value of their business to help fund their retirement.” Read: How to choose your successor Passing the baton Saving money on business succession Beginning the succession discussion Plan your succession before your next vacation Business owners ignoring succession planning When business owners want buyers Get the best price for your dealership Step-by-step selling Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo