I work with and admire the tenacity, resilience and courage of so many small and medium sized enterprises, especially during these difficult times.
And I’ve noticed that as they get older, and more diverse (a reflection of the Canadian population), planning for succession becomes increasingly important.
According to BDC, these businesses will see an increase of transfers to next-generation family members or they may go to outside buyers.
Established and new businesses are undoubtedly stimulating our economy, and they need physical spaces to thrive.
DID YOU KNOW?
🔸️ There are around 3.5 million entrepreneurs in Canada.
🔸️ 3/4 of Canadian business owners started from scratch & did not acquire it from a family member or from someone outside their family.
🔸️The average age of entrepreneurs in Canada is 45 to 64.
🔸️Canadians who have a university degree are more likely to become entrepreneurs & start their own business.
More reasons why stakeholders at all levels of government, and the private sector, need to push the development of commercial and industrial real estate supply to meet the demands of an increasing population of entrepreneurs. The time is now.