New Brunswick submits second part of new carbon plan to Ottawa for approval

EVEN before the COVID-19 pandemic, another threat to business continuity was looming — the “silver tsunami.” Canada’s 1.2 million small- and medium-sized enterprises (SMEs) community has been bracing for the departure of nearly three-quarters of its owners, who plan to retire within the next decade.

Often, the intent is for owners to transfer the company to relatives or sell to a third-party purchaser. The reality is that either way, many entrepreneurs have yet to draft a formal succession plan or are unable to execute it due to various factors, heightened by the COVID-19 reality.

There’s a lesser-known, but proven, third option that rarely gets the attention it deserves.

SMEs could also consider selling the business to employees or community stakeholders who have formed co-operatives. Such transitions, known as Business Conversions to Co-operatives (BCC), are a tried-and-true solution for rescuing businesses or for succession planning in numerous jurisdictions around the world.

DEAR MISS LONELYHEARTS: I work in a high rise downtown and every day I come to work at the same time. I often ride the elevator up with this new guy working a few floors under me. I always feel a little disappointed when he has to get off, and I continue up into the sky.

I’ve worked my way up to speaking pleasantries about the weather, and he responds with cute remarks about the clouds. The good news? He’s not wearing a ring. I also found out his first name from hearing other people say hello to him. Now what?

— Feeling Frustrated! Downtown

Dear Frustrated: Next time you’re on the elevator ride together, say “Hi! My name is such-and-such and I work at such-and-such. Where do you work up here in the clouds?” That should make him smile and break the ice. Then you could consider asking if he might like to join you for a coffee on a work break, if you can co-ordinate it.