Close X

Get a Quote

Complete the following form to recieve a free no-obligation insurance quote. To provide you with the best service and best price a representative will contact you to ask you a few questions.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form
Help a Childs dreams come true - support Starlight
We're available Monday to Friday 9am - 5pm

1-877-813-5710
Best Buy Insurance Logo
Personal

Car Insurance

Home Insurance

Cottage Insurance

Tenant Insurance

Motorcycle Insurance

ATV Insurance

Snowmonbile Insurance

Recreational Vehicle Insurance

Boat Insurance
View All Personal Insurance Options
Business

Business Auto Insurance

Business Property Insurance

Business Liability Insurance

Professional Liability Insurance

Trades and Contractors Insurance

Artisan's Self Care Products Insurance

Beauty Services Insurance

Builder's Risk Insurance

Directors and Officers Insurance
View All Business Insurance Options
Finance

Retirement Planning

Group Benefits

Investment Planning
Resources

Insurance Blog
?
Frequently Asked Questions

Self-Serve Portal

Make a Claim

Make a Payment

Insurance Companies

Get the iPhone App

Get the Android App
Partners

OREA

Shiplake
About

Our Organization

Our Team

Our Service Areas

Industries We Serve

Contact Us
Find the best insurance

Business Insurance

Succession planning tips for Ontario businesses

What will happen to your business when you retire? Here are some tips for planning your succession.

Planning business succession

Almost 70% of businesses don't survive past the first generation of owners. Sometimes there isn't a next generation family member to take over, in which case, the right fit will have to be found outside of the family. This step can be time-consuming and make or break a company.

Senior management can leave a business at any time- from illness, retirement, or looking for a different opportunity. Having an unfilled, high level position can leave a business vulnerable to risk. That's why it's critical for businesses to invest time into creating a temporary and long-term succession plan.

Succession Plan Tips

  • An exiting executive should schedule enough time to properly teach, mentor and train the successor.
  • For an external successor hire, use an executive search firm that specializes in headhunting for the right person within a larger talent pool. They can perform the screening and interviews to save time.
  • If not promoting internally, the owner should use their network to reach out to candidates they've had personal experience with.
  • Determine the top traits and values of the ideal candidate. Shortlisted candidates should be put through rigorous self-assessments and interviews with other key stakeholders in the company.
  • Envisioning the business in 5 years time can help an owner find a successor who represents the company's core values and shares the passion and drive to help the company see long-term success.
Blog categories

Filter blog posts by category

Business Insurance
Car Insurance
Home Insurance
Personal Insurance
Most recent blog posts

5 most recent blog posts

Reasons That May Affect Car Insurance Premiums in Ontario

What Is Covered In A Home Insurance Policy

CAA Forgive & Forget Program

CAA Connect Program

Insurance Quotes - Online/Automated Versus By Phone Or In Person

Get an insurance quote

Find the best insurance

When you request an insurance quote, we'll compare dozens of insurance companies to find you the best rates and coverage. Compare quotes now.

Find the best insurance

Find the best insurance rates and coverage in Ontario.
call 1-877-813-5710

We're available Monday to Friday 9 AM to 5 PM
Find the best insurance

About Us

Since 1946 we've been helping Durham Region residents & businesses protect what matters most to them, with personalized insurance solutions. Discover why people have relied on Best Buy Insurance for over 60 years.

Learn more...Meet our team...

Business Insurance

Business Auto Insurance
Business Property Insurance
Business Liability Insurance
Professional Liability Insurance
Trades and Contractors Insurance
Artisan's Self Care Products Insurance
Beauty Services Insurance
Builder's Risk Insurance
Directors and Officers Insurance
View All Business Insurance Options

Personal Insurance

Car Insurance
Home Insurance
Cottage Insurance
Tenant Insurance
Motorcycle Insurance
ATV Insurance
Snowmonbile Insurance
Recreational Vehicle Insurance
Boat Insurance
View All Personal Insurance Options

Resources

Make an Insurance Claim Get The iPhone AppGet The Android AppCommission Disclosure
Self-Serve PortalMake a Payment

Let's Connect

We're available:
Monday to Friday 9 am to 5pm


1-877-813-5710

905-683-3110

905-428-8672

Logo - Canadian Broker Network
Copyright 2016 Best Buy Insurance
One Rossland Road West – Suite 208, Ajax, ON L1Z 1Z2
905-683-3110
Privacy PolicyDigital Marketing by STRADEGY.CA