TORONTO — The Ontario government is investing nearly $2 million to help small business owners plan for ownership transitions, launching the province’s first dedicated business succession planning services hub as demographic shifts raise concerns about the future of thousands of locally owned firms.
The new initiative, known as Succession Ontario, is designed to support entrepreneurs as they prepare to sell, transfer or pass on their businesses. The program aims to protect jobs, preserve community-based enterprises and strengthen Ontario’s long-term economic resilience at a time when many business owners are approaching retirement.
Succession Ontario will be delivered by Kingston Economic Development Corporation (KEDCO) and will operate primarily as an online hub offering tools and practical guidance for business owners navigating the complex process of exiting or acquiring a business. The platform is intended to help entrepreneurs better understand valuation, legal, financial and operational considerations involved in succession planning.
To extend support beyond digital resources, Ontario’s network of Small Business Enterprise Centres (SBECs) will receive additional training and resources. The province has 54 SBEC locations, which will be equipped to deliver one-on-one advisory services tailored to local business owners and prospective buyers.
“Whether it’s a family farm in Prince Edward County or a local convenience store in Sarnia, a small business can leave a lasting positive impact in their community when smoothly bought, sold or passed to the next generation,” said Nina Tangri, Associate Minister of Small Business. “As many business owners prepare to retire over the next decade, our government is helping them plan for the future, so their business can continue to thrive under new leadership.”
The initiative was first announced in the 2025 provincial budget, A Plan to Protect Ontario, and aligns with broader government efforts to bolster small businesses as a cornerstone of the provincial economy. Small businesses account for approximately 98 per cent of all businesses in Ontario and employ nearly 2.5 million people across the province.
According to government data, succession planning remains a significant gap in Canada’s small business sector. Only one in 10 small business owners has a formal succession plan in place, a shortfall that raises the risk of closures, job losses and the erosion of local economic activity when owners retire or exit unexpectedly.
KEDCO was selected to deliver the program following an August 2025 call for proposals from SBECs across the province. The agency received the highest evaluation score based on its experience and track record in delivering succession planning services.
“Ensuring that businesses and the jobs that they create stay in our local communities is a top economic priority,” said Donna Gillespie, chief executive officer of the Kingston Economic Development Corporation. “We’re proud to partner with the province and our network of 54 Small Business Enterprise Centres to deliver the training and tools entrepreneurs need to plan for the future and protect Ontario’s economy.”
Beyond succession planning, the province has positioned the investment as part of a broader economic response to ongoing pressures facing Ontario businesses, including the impact of U.S. tariffs on key sectors. The government says it is pursuing a mix of tax relief, regulatory streamlining and targeted investments to improve competitiveness and support job creation.
In the 2024–25 fiscal year, Ontario’s SBEC network helped start more than 8,000 businesses, supported the expansion of 2,700 firms and contributed to the creation of more than 15,800 jobs. By strengthening succession planning capabilities within this existing infrastructure, the province aims to ensure continuity for established businesses while creating opportunities for new entrepreneurs.
The government argues that smoother ownership transitions can prevent viable companies from closing simply because owners lack exit strategies or access to qualified buyers. Over time, officials say, this approach will help maintain employment, preserve local supply chains and sustain economic activity in communities across Ontario.
Succession Ontario is expected to roll out its online tools and training supports in the coming months, with SBEC advisors receiving specialized training to support business owners throughout the transition process. The province says the initiative will play a key role in keeping Ontario competitive, resilient and attractive for investment as its small business sector adapts to generational change.
