Job Opportunities & Business Succession
The construction sector represents the largest percentage of small businesses in British Columbia’s goods-producing sector. However, the vast majority of small business owners in the construction sector are over 50 and preparing to retire within the next ten years. Those retirements will affect more than 3600 BC construction businesses, impacting close to 9600 construction jobs throughout our province.
Business owners and industry must minimize the potential impact of lost jobs from retiring owners who simply close their doors and lay off employees because owners were unable to find a successor, combined with too few opportunities for sale and consolidation.
It is suggested that business owners considering their retirement get an early start and open the lines of communication with involved parties and experts. Developing a plan may require significant research unique to each individual and organization, discussions with staff, family and business partners, and may require input from lawyers, financial professionals, realtors, and other consultants as needed.