Ontario launches new program to help small businesses survive ownership change

Succession Ontario offers free tools, training and expert support as owners plan for retirement.

Ontario has launched a new program aimed at helping small business owners plan for succession as many prepare to retire over the next decade.

Succession Ontario is a provincially funded initiative delivered by Kingston Economic Development that provides tools, training and expert support for business transitions. The program was officially announced this week by Associate Minister of Small Business Nina Tangri at an economic development conference in Toronto.

The $1.9-million investment is designed to protect small businesses and local jobs. Ontario is home to more than 500,000 small businesses employing over 3.5 million people. A Canadian Federation of Independent Business study suggests up to 76 per cent of owners plan to transition their businesses within 10 years, but only one in 10 has a formal plan.

The new online hub offers planning resources, valuation tools and live virtual workshops. It also includes free access to an automated valuation tool developed by Toronto-based startup SuccessionAI.

Training for Small Business Enterprise Centre advisors will be supported through a new micro-credential delivered with Queen’s University’s Smith School of Business.

Story Alyssa Brush