How is inflation impacting business owners' succession plans?

“Think about the vintage of someone who started their own business and is close to retiring. They’ve been doing it for maybe 20 to 30 years, and they probably had that business running in a way that they were working comfortably,” he says. “COVID changed a lot of that.”

While Canada’s entrepreneurs are joining the rest of the country on recession watch, one study suggests most are staying positive. In a survey of leaders of small and medium businesses conducted by KPMG in Canada found that despite the prospects of near-term recession, 83% report being optimistic about their company’s growth over the next few years, while 82% are confident about their industry or sector.

Read more: Canada’s SMBs are confident of growth despite recession fears

But from Burkett’s vantage point, many business owners on the brink of retirement are moving forward with their plans more quickly as the pace of changes over the past two years brought high levels of stress and anxiety.

“There are a lot of folks who were probably beyond when they expected to retire, who just enjoy their job,” Burkett says. “But with all the disruptions and changes that have come along, it seems to be accelerating people’s decisions to complete their succession plans.”