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A high proportion of Atlantic Canadian businesses have fewer than 50 employees, but together they represent 90 per cent of all private sector employment in the region. The long-term survival of these companies is obviously paramount to local economic health. However, some surveys suggest just nine per cent of business owners have a written succession plan.
What’s even more disturbing? With Atlantic Canada’s aging population, the near future shows an imminent wave of business owners looking to retire. Meanwhile, in the here and now, companies are already struggling to find staff—further amplifying the crunch for those seeking people to take over the reins. Challenging as the situation is, Atlantic Business Magazine spoke with three professionals who say there are ways to manage the transition.
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