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Marylene Gagne says incumbents need to communicate their succession plan. Photo: Attila Csaszar

Letting go a challenge for small business owners

Family business owners who enjoy their work and achieve good results are more likely to implement a succession plan, a long-term study of the sector has found.

The study also found the best predictor of success was having a successor who was a high business performer, had high self-confidence, and support from the incumbent.

The Canadian study looked at the experience of more than 100 family businesses over a 12-year period.

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