This article was originally published in the Wealth Professional.
With more than three-quarters of Canadian business owners planning to exit their companies within the next decade, Brent Cameron, Regional Managing Partner at Boyden Canada, warns that neglecting succession planning poses an existential risk. “If succession planning isn’t addressed properly, the biggest risk is to business continuity,” Brent tells Wealth Professional. When business owners retire without a strong successor, “there is significant risk that the business will struggle or even fail.” He notes that effective leadership transitions require years of preparation to maintain operational stability, stakeholder confidence, and long-term organizational health.
Brent also highlights the growing challenge of identifying successors in Canada, citing geographic and demographic limitations, along with financial disincentives that make relocation difficult for international executives. “While there is tremendous executive talent in Canada today, we’re a relatively small country by population,” he explains. “It is getting harder, not easier, to relocate talent.”
Successful succession planning typically takes three to five years to execute. External advisors such as Boyden play a key role in helping organizations align talent strategy with business continuity and ensure smooth leadership transitions.
You can read the full article here.
