Canadian researchers have done the math, but the story could be the same for the U.S. market: Not so far in the near future, a massive wave of retirements by business owners could pose a huge risk to the economy.
CIBC World Markets' research indicates that half of all small- and medium-sized businesses in Canada are set to retire in just the next decade, with more than 300,000 businesses poised to transfer control in just the next five years.
All totaled, that will mean almost $2 trillion in business assets that's set to change hands in a very short amount of time. That number is also expected to balloon to $3.7 trillion by 2022, with 550,000 owners leaving their businesses through retirement.
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