Nearly 60% of Canadian small-business owners reported an increase in the value of their businesses over the past five years, according to a BMO study released today.
The study, which looked at 500 small business owners over a two-month period, found an average reported increase in value of 39%.
“Canadian businesses are continually increasing in value: not only in an everyday, tangible sense, but in what the business brings to the entire family,” said Steve Murphy, senior vice-president, commercial banking, BMO Bank of Montreal.
The survey found the top aspects of having a small business included:
- a sense of accomplishment and challenge (24%);
- the income generated and the legacy it creates for the family (23%); and
- career independence (21%).
Murphy also noted that many business owners are close to retirement, explaining they should create a succession plan to ensure their businesses continue to grow without their involvement.
A BMO study conducted last year found that most (85%) of small-business owners do not have a succession plan in place.
