There is an entire industry built around the needs of two generations of business owners – those looking to sell and retire in one group and those looking to buy in the other. And sometimes the needs of the one are not all that well understood by the other.
That’s one of the findings of a survey by ScotiaBank on the topic of succession planning. And the gap may be surprising. It’s digitization.
Older, boomer-types may be reluctant or simply slow to incorporate the latest technologies into their operations but, the prospective buyer – usually a much younger up-and-comer – is likely all about the technology. So, for sellers looking to make it easier for buyers to buy … this is worth noting as sellers may be leaving money on the table.
And about one-third of business owners are in the “I’m in succession” mode right now but a sizeable portion – about four in 10 – don’t have a succession plan. For those who do, the largest cohort says they plan to transfer the business to a family member.
— For more than 50 years, Paul Martin has specialized in coverage of the business and political scenes. His career has spanned radio, television and print and electronic media.
