Toronto (Rajeev Sharma): The Ontario government has announced an investment of nearly $2 million to create the province’s first centralized business succession planning hub, an initiative designed to help entrepreneurs prepare for ownership changes while safeguarding jobs and community-based enterprises.
The funding will be used to roll out Succession Ontario, a digital platform led by the Kingston Economic Development Corporation. The hub will offer practical guidance, planning tools and educational resources to business owners considering retirement, sale or transfer of their enterprises. In addition, Small Business Enterprise Centres across the province will be equipped with new training and materials, enabling them to provide personalized succession planning advice to local entrepreneurs.
Associate Minister of Small Business Nina Tangri said the initiative is intended to address a growing need as thousands of owners approach retirement age. She noted that well-planned transitions can help ensure businesses—ranging from family-run farms to neighbourhood retail stores—continue to operate and support their communities for years to come.
The succession planning hub was first outlined in Ontario’s 2025 budget and forms part of the government’s broader strategy to bolster small businesses, strengthen regional economies and promote sustainable growth.
Donna Gillespie, chief executive officer of the Kingston Economic Development Corporation, said the program aims to keep businesses and the employment they generate rooted in local communities. She added that the organization is working with a network of 54 Small Business Enterprise Centres to deliver the program’s training and advisory services across Ontario.
Provincial officials say the investment comes at a time when small businesses are facing mounting challenges, including economic uncertainty and the effects of U.S. tariffs on several industries. The government maintains it is responding through a mix of tax relief, regulatory reforms and targeted funding initiatives.
Ontario is home to more than half a million small businesses, which represent the vast majority of companies in the province and employ nearly 2.5 million people. Despite their importance to the economy, government data shows that only a small fraction of business owners have formal plans in place for succession—a gap the new hub is intended to address.
