Ontario is investing nearly $2 million to launch Succession Ontario, a new province-wide business succession planning hub designed to help entrepreneurs prepare for ownership transitions and protect local jobs.
The initiative will be delivered by Kingston Economic Development Corporation and will provide online tools and resources to guide business owners through the process of selling, buying, or passing on a business. The program also includes enhanced training for Ontario’s network of Small Business Enterprise Centres, allowing them to offer one-on-one advisory services within their communities.
The province says succession planning is becoming increasingly urgent, with many business owners nearing retirement and only a small percentage having formal transition plans in place. Without proper preparation, communities risk losing essential services, employment opportunities, and long-standing local businesses.
Succession Ontario was first announced as part of Ontario’s 2025 budget and is intended to strengthen local economies by ensuring businesses remain viable under new ownership. The government says the program will also help stabilize employment and encourage entrepreneurship across the province.
Ontario is home to more than 500,000 small businesses, accounting for the vast majority of employers and supporting millions of jobs. Small Business Enterprise Centres play a key role in supporting these businesses by providing training, advisory services, and startup support.
By expanding succession planning services, the province aims to help businesses stay rooted in their communities while preparing for the next generation of owners and leaders.
(Written by: Joseph Goden)
