One-third of Canadian business owners ready to move on

 

With restrictions for businesses constantly changing due to the pandemic, many entrepreneurs are feeling drained and want out.

A recent survey from KPMG in Canada found that 37 per cent of business owners wish they could retire, transition, or sell their business but they aren't prepared.

Additionally, 78 per cent of entrepreneurs believe companies must go digital to compete, 70 per cent believe a more technologically literate generation of leaders is needed to succeed in the new reality, and 64 per cent are adopting digital and emerging technologies due to the pandemic.

Moreover, 24 per cent of business owners who want to move on but don't have an exit plan said they regret not selling or transitioning their business before the pandemic.

“With the COVID-19 pandemic, many business owners have been forced to make tough decisions around investments needed to manage through the crisis and beyond,” Yannick Archambault, national family office leader for KPMG in Canada, said in a news release.

“Given the ongoing challenges, more than a third wish they could sell or transition their business to the next generation today," he continued.

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